The bill is an "important first step" to modernizing the VA appraisal process, says MBA
The US House of Representatives has passed legislation improving access to VA home loans, a move that the Mortgage Bankers Association (MBA) called an “important first step” to modernizing the VA appraisals process.
Introduced earlier this year by Senator Dan Sullivan of Alaska and Representative Mike Bost of Illinois, the Improving Access to the VA Home Loan Benefit Act of 2022 directs the Department of Veteran Affairs to update its appraisal regulations to allow desktop appraisals, as well as clarify when an appraisal is required and who is eligible to conduct it.
All VA appraisals are currently done in-person by appraisers approved by the Department of Veteran Affairs. MBA president and CEO Bob Broeksmit said that legislation changing this requirement would streamline how appraisals are performed and make VA home loan financing “more accessible and affordable.”
Broeksmit also urged the Senate to pass the legislation’s companion measure “as swiftly as possible.”
“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,” he said. “We thank Representative Mike Bost, ranking member of the House Committee on Veterans’ Affairs, for introducing H.R. 7735, committee chairman Mark Takano, and House leadership for ensuring the bill received appropriate consideration in committee and on the House floor.”
MBA has long been vocal about its support for the bill, with MBA vice chair Mark Jones testifying before the House Veterans’ Affairs Subcommittee on Economic Opportunity on behalf of the association last May.
“Today, we all know how important the dream of homeownership can be for Americans in terms of accumulating wealth and maintaining stability within our nation’s families and communities,” said Jones in his testimony. “The VA’s home loan program plays a critical role increasing the availability - and affordability - of mortgage credit for service members, veterans, and their surviving spouses.”
