Legislation will require VA to allow hybrid appraisals and employ emerging tech, says MBA
The US Senate has unanimously voted to pass a bill that requires the Department of Veterans Affairs (VA) to update its appraisal process for VA mortgage loans.
The HR 7735, known as the Improving Access to the VA Home Loan Benefit Act of 2022, aims to streamline the home-buying process for veterans and their families by requiring the VA to update its home appraisal rules and program guidelines. Now that it has passed the Senate, the legislation is headed to President Joe Biden’s desk to be signed into law.
“MBA applauds the Senate for passing - by unanimous consent - this bill that helps to ensure our nation’s service members, veterans, and their families have access to more affordable, sustainable homeownership opportunities through the Department of Veterans Affairs’ (VA) Home Loan Program,” said Bob Broeksmit, president and CEO of the Mortgage Bankers Association.
The VA Home Loan Benefit Act also authorizes desktop appraisals and, in some cases, waives appraisals altogether to help veteran and service member borrowers save on costs and time.
“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 said.
MBA strongly advocated for the bill, which was introduced in the House by Rep. Mike Bost of Illinois and sponsored in the Senate by Alaska Republican Dan Sullivan and Nevada Democrat Jacky Rosen.
“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 in helping 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.”
