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E-3-22, Acronyms and Glossary of Defined Terms: V (03/01/2023)

VA

U.S. Department of Veterans Affairs

VA-guaranteed mortgage

A mortgage that is guaranteed by the U.S. Department of Veterans Affairs; may be referred to as a “government” mortgage.

value acceptance (appraisal waiver)

An optional offer to sell the loan without an appraisal for certain loan casefiles underwritten in DU. It is based on data and modeling framework that confirms the validity of the value/sale price. Formerly known as a property inspection waiver or property fieldwork waiver.

value acceptance + property data

Similar to value acceptance, this is an optional offer to sell the loan without an appraisal but is contingent on the lender delivering property data collected by a trained and vetted third party (real estate agent, insurance inspector, appraiser, etc.)

variance

A negotiated agreement for the delivery of certain special mortgage products or other mortgage loans that were originated with terms that are at variance with standard Fannie Mae eligibility, underwriting, or other origination criteria or requirements.

voluntary conveyance

See deed in lieu of foreclosure.