What is a LAPP lender?
L.A.P.P. stands for Lender Appraisal Processing Program. What this means is VA has authorized this type of lender to receive the appraisal directly from the appraiser to issue the NOV (Notice of Value). This speeds up your loan process tremendously as the lender does not have to wait for VA to do so. If not a LAPP lender, you can expect the appraisal process to take up to 2 weeks or more, which could jeopardize your loan closing on time and breach the purchase contract or even cause you to lose your rate lock. Always check if your lender is a LAPP lender. If they do not know, that might be a red flag.
