Join us on LinkedIn Follow us on Twitter Like us on Facebook Follow us on Instagram
 
  OCTOBER RESEARCH STORE Already a subscriber? LOG IN
AddControlToContainer_DynamicNavigation4

Appraiser News, Legal News

House passes VA appraisal legislation

Email A Friend Printer Friendly Version
0 comments
Appraiser News, Legal News
Monday, September 19, 2022
Exclusive

The U.S. House of Representatives passed legislation (HR 7735) that will improve access to VA home loans. The move was praised by the Mortgage Bankers Association (MBA) as an “important first step” to modernizing the VA appraisal process, according to the National Mortgage Professional.

U.S. Rep. Mike Bost of Illinois and U.S. Sen. Dan Sullivan (R-Ak.) introduced the bill to streamline the home buying process for veterans and their families.

“VA home loans have given millions of veterans and their families the opportunity to purchase a home,” Bost said in the article. “Yet, on average, veterans wait longer and pay more during the closing process due to VA’s out-of-date appraisal requirements. That’s why I am introducing the Improving Access to the VA Home Loan Act of 2022. This bill will make sure that veterans are not unfairly disadvantaged during the home buying process and allow for a modern, digital appraisal process, which will get them into their new home faster.”

“MBA is grateful to the House for passing with bipartisan support this commonsense bill to make VA home loan financing more accessible and affordable to our nation’s servicemembers, veterans and their families by accelerating the updating of the Department of Veterans Affairs’ (VA) rules and program guidelines that govern home appraisals,” Bob Broeksmit, president and CEO of MBA, said.  “The bill will encourage important reforms to the agency’s requirements regarding when an appraisal is necessary, how appraisals are conducted, and who is eligible to conduct an appraisal. This legislation is an important first step towards broad modernization of VA appraisal processes and could make veterans’ home purchase offers more viable in today’s competitive housing market.”

The bill is now headed to the U.S. Senate.

“The Improving Access to the VA Home Loan Act of 2022 would direct VA to update their regulations on appraisals. They would be required to consider when an appraisal is not necessary and when a desktop appraisal should be used,” the House Committee on Veterans’ Affairs said. “Desktop appraisals are faster and less expensive than in-person appraisals because they allow appraisers to view and assess property virtually rather than in-person, which cuts down on closing costs for homebuyers and lets them purchase their home more quickly.”

MBA urged the Senate to pass a companion measure, S. 4208, introduced by Sen. Sullivan to ensure active and retired service members throughout the country have access to more affordable, sustainable homeownership opportunities.

MBA Vice Chair and CEO of Amerifirst Home Mortgage Mark Jones testified before the House VA Subcommittee on Economic Opportunity in May. He commended Bost for introducing the bill to Congress. but expressed concern about the future increase in VA mortgages financing fees.

“The MBA urges Congress to ensure that these funding rates are set at a level commensurate with the risks associated with VA-guaranteed housing loans, and to monitor and analyze past funding fee increases, rather than demanding further increases,” Jones said.

He added that past increases in funding fees may have led to a “mismatch of funding fees with the actual risk profile of veteran borrowers.”

 

Today's other top stories
NAA ‘Appraiser of the Year’ speaks to appraisal topics, business ownership
A guide for appraisers to utilize new reports
Cotality: Case-Shiller Index records February gain
Aivre, Restb.ai combine efforts for time-saving appraisals
Mortgage application payments dropped in March


COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Comments:

Be the first to leave a comment.

Leave your comment
Please enter a comment.
CAPTCHA Validation
CAPTCHA
Code:
Please enter the word displayed in the image above. Please enter the word displayed in the image above.
: 
Please enter your name.
: 
Please enter your email address.
This field must contain a valid email address.
Your Email is for reporting purposes only. It will NOT be displayed.
Popularity:
This article has been viewed 2106 times.

Print Edition - May 12, 2025

News by Topic   In-depth Reports   Events   Subscribe
Conference Coverage
Appraiser News
Commercial Corner
Legal News
Market Watch
Technology Corner
 
 
Expanding Your Appraisal Business
2025 State of the Industry
2024 Voice of the Appraiser
2024 Appraisal Technology
Marketing Your Business
Appraisal Bias
Archives
 
National Settlement Services Summit (NS3)
Women's Leadership Summit (WLS)
Webinars
 
Subscriptions
Free Email Updates
Try a Free Edition
News by Edition   About   Other Publications    
March 31, 2025
April 14, 2025
April 28, 2025
May 12, 2025
Archives
 
Valuation Review
Contact / Editors
Social Media
Advertise
Request a Media Kit
Are You An Expert?
Subscriber Agreement
 
Dodd Frank Update
RESPA News
The Title Report
The Legal Description
   
Copyright © 2002-2025 Valuation Review
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.valuationreview.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> Dodd Frank Update
> RESPA News
> The Title Report
> The Legal Description
> NS3 The Summit
> Women's Leadership Summit
> October Research, LLC
> The October Store
Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
NEWS BY EDITION
IN-DEPTH REPORTS
EVENTS
RESOURCES
FREE EMAIL UPDATES
ABOUT
SUBSCRIBE
Conference Coverage
Appraiser News
Commercial Corner
Legal News
Market Watch
Technology Corner
Sponsored Content
Current Edition
April 14, 2025
March 31, 2025
March 17, 2025
March 3, 2025
Archives
Expanding Your Appraisal Business
2024 Voice of the Appraiser
2025 State of the Industry
2024 Appraisal Technology
Marketing Your Business
Real Estate Compliance Outlook
Appraisal Bias
Finding & Training the Next Gen
Archives
National Settlement
Services Summit (NS3)
Women's Leadership
Summit (WLS)
Webinars
CFPB's Shake-Up & Its Impact
Technology Series
2025 Economic Outlook Series
Securing Your Cyber Network
Appraising Office Space Today
Compliance Series
Manufactured Housing
Eminent Domain
Keys For Operational Efficiency
Drones Do's and Don'ts
How to be an Expert Witness
Webinar Archives
Keys to Real Estate Podcast
Blog - Tuesdays with Mary
Executive Interview Series
Social Media
Valuation Review
Contact Us
Advertise
Request a Media Kit
Are You An Expert
Subscriber Agreement