Bulletin W13-029 - CoreLogic AVM Process for VA IRRRLs
April 4, 2013
Topic included in Bulletin W13-029:
- CoreLogic product ValuePoint4 (VP4) is only AVM option for VA IRRRLs
- CMS will rely on the value as stated in the VP4 for qualification purposes
- If the VP4 shows “not available in this county” or “failure”, the Broker can submit the file to CMS and the CMS Appraisal Review Department will complete a more extensive review of the property value to determine if the property will qualify under the VA IRRRL program
- Early Disclosure process reviewed in the Policy, VA IRRRL AVM Ordering Procedures
- Process will provide greater control for the Broker in knowing what transactions will and will not qualify and will provide greater efficiencies for CMS in reducing the number of transactions that do not qualify
- VA IRRRL AVM Ordering Procedures are posted on the Intranet at, Mortgage Services/Mortgage Lending/Policies and Procedures
Download: Bulletin - W13-029 (PDF)
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