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46 DS News is the only publication in the country solely dedicated to providing default servicing professionals with news and content focused on their industry. SUBSCRIBE NOW! Call 214.525.6766 or subscribe online at DSNews.com. SUBSCRIBE TO THE LEADER IN DEFAULT SERVICING NEWS is the only publication in the country solely DS News is the only publication in the country solely is the only publication in the country solely VA'S APPRAISAL SYSTEM UNDER PRESSURE e National Association of Realtors (NAR) and other industry leaders testified before Congress in early April to discuss the Veterans Affairs (VA) Home Loan Guarantee Program. "America's veterans have been well served for years by VA's appraisal system, and professionals in the business should be proud of their good work," said Michelle Bradley, a general real property appraiser from Pennsylvania and Immediate Past Chair of NAR's Real Property Valuation Committee. "Unfortunately, that system is under tremendous pressure today." e main complaint raised is that regulation has gotten in the way of maintaining the VA Home Loan Guarantee Program. NAR's 2016 Veterans and Active Military Home Buyers and Sellers Profile found that 18 percent of all recent homebuyers were veterans and that more than half of those veterans used VA loans to finance their home purchases. However, a number of roadblocks get in the way of appraisers giving veterans fair prices, such as compensation. "What we've found is that, among appraisers, there's a real reluctance to work with the VA," Bradley said. "Generally, appraisers are dissatisfied with the level of compensation they're receiving for their work. It's also harder than ever for trainees to enter the field, not just within the VA system but also across the industry, which only adds to the perception of an appraiser shortage. is overall regulatory burden is a significant issue, and we have to turn things around." Still, Bradley praised a system called "Reconsideration of Value," which has VA appraisers notify the lender's point of contact if the sale price of a home is higher than the appraisal. However, this process is often overlooked by the buyer or agent. Bradley recommends improving understanding of between appraisers, real estate agents, and buyers. "What we have today isn't perfect, but it's an important part of ensuring veterans and active- service members are protected when using a VA home loan," Bradley said. "NAR looks forward to working with the VA and Members of Congress to improve this system in the years to come." Bankruptcy filings were up 40 percent in March from February. Source: Epiq Systems Bankruptcy Trends Report STAT INSIGHT 40%