Earlier, Valuation Review introduced its audience to the House passing H.R. Bill 7735, the Improving Access to the VA Home Loan Benefit Act of 2022. On Dec. 20, the Senate gave its approval, passing the legislation. The passage met with much approval within the Mortgage Bankers Association (MBA).
“MBA applauds the Senate for passing, by unanimous consent, this bill that helps to ensure our nation’s servicemembers, veterans, and their families have access to more affordable, sustainable homeownership opportunities through the Department of Veterans Affairs’ (VA) Home Loan Program,” MBA CEO Bob Broeksmit said in a released statement on the MBA site.
“The enactment of this MBA-endorsed legislation will now help streamline the homebuying process for veterans and their families by requiring the VA to update its home appraisal rules and program guidelines,” Broeksmit added. “To the benefit of buyers and lenders, the VA will now be required to encourage hybrid appraisals, employ emerging technologies, and revisit policies on property inspection waivers, minimum property requirements, and comparable sales.”
Broeksmit went on to say that the MBA strongly advocated for this bill throughout the year, including in May when Mark Jones, MBA’s current chairman-elect, and CEO and co-founder of Amerifirst Home Mortgage, testified before the House Veterans’ Affairs Subcommittee on Economic Opportunity.
“We commend the bill’s author, House Veterans’ Affairs Committee Ranking Member Mike Bost, and the Senate companion’s lead sponsors, Senators Dan Sullivan and Jacky Rosen, for introducing and helping to pass the proposal in a broad, bipartisan manner in both the House and Senate,” Broeksmit said. “MBA also commends current House Veterans’ Affairs Committee Chairman Mark Takano, and the Senate Veterans’ Affairs Committee Chairman and Ranking Member, Jon Tester and Jerry Moran, for the key roles they played to help advance H.R. 7735. MBA will continue to work with the VA, Congress, our members, and other key stakeholders to ensure veterans and their families have access to more affordable, sustainable homeownership opportunities.”