VA Required to Encourage Hybrids – Senate Passes HR 7735
By Dave Towne December 21, 2022
Excerpts: 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.
This is not yet ‘law,’ but likely will be in the not too distant future. Has passed House and Senate. Needs Biden’s signature.
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My comments: Read the appraisers’ comments. The law is not surprising. The mortgage industry has been wanting this for a long time. I still recommend VA to appraisers as they are the only mortgage organization that wants to help the borrower instead of making as much money as possible
Where VA loans are soaring. Are you doing VA appraisals?
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NOTE: Please scroll down to read the other topics in this long blog post Bad appraisers, 2023 forecast, unusual homes, mortgage origination stats, etc.