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The VA will now be required to encourage hybrid appraisals.
If you are a VA Appraiser, here’s a bit of news you need to keep tabs on.
Senate Passes VA Appraisal Modernization Measure – theMReport.com
The U.S. Senate has announced the passage of HR 7735, the Improving Access to the VA Home Loan Benefit Act of 2022.
Under the terms of HR 7735, sponsored by Sen. Dan Sullivan and Rep. Mike Bost, the VA will be required to:
- Issue certification requirements for appraisers;
- Execute minimum property requirements;
- Review the process for selecting and reviewing comparable sales;
- Implement quality control processes;
- Establish the Assisted Appraisal Processing Program; and
- Establish the use of waivers or other alternatives to existing appraisal processes.
“The enactment of this MBA-endorsed legislation will now help streamline the home buying process for veterans and their families by requiring the VA to update its home appraisal rules and program guidelines. 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.”
“VA home loans have given millions of veterans and their families the opportunity to purchase a home,” said Rep. Bost. “Yet, on average, veterans wait longer and pay more during the closing process due to VA’s out-of-date appraisal requirements.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 with my friend, Senator Dan Sullivan. 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.”
The U.S. House of Representatives passed HR 7735 back in mid-September, and now moves on to the desk of President Biden for his signature.
This is not yet ‘law’, but likely will be in the not too distant future.