21.04 VA CONVEYANCE AFTER DISASTER (02/01/18)

Owned by Kacey Olson
Last updated: Nov 24, 2018
1 min read

© VA Servicers Handbook - M26-4

The Transfer of Custody (TOC) event must be submitted to VA within 15-days of loan termination.  If a disaster occurs prior to VA accepting the TOC, the servicer is required to obtain a new appraisal to reflect the current value of the property, so that any damages due to the disaster can be taken into consideration. Servicers are also required to take appropriate action in filing an insurance claim, and must advise VA of the amount received in insurance loss proceeds, if any.