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NOVs (Notice of Value) Are there any guidelines as to how long the Lender needs to keep their copy of the NOV package?
Published 08/09/2012 11:40 AM | Updated 06/27/2017 08:08 AMAre there any guidelines as to how long the Lender needs to keep their copy of the NOV package? If so what are they? (Prior to TAS, we were keeping them for a year)
The VA Lender's Handbook (VA Pamphlet 26-7), Section 1.12, Page 1-45, states that "Lenders must maintain copies of all loan origination records on VA guaranteed home loans for at least two years from the date of loan closing." Since appraisals are specified as part of the loan record, the NOV, which documents the appraised value, would also be considered a part of the loan record.