Wed August 17th, 2022
Sponsor: Rep. Mike Bost — R — IL
Requires the Department of Veterans Affairs (VA) to submit recommendations to the Congress on how to reduce the time to produce appraisals. It also requires VA to update regulations on various aspects of the appraisal process and provide guidance on desktop appraisals. Desktop appraisals are performed remotely rather than onsite, using information gathered by third parties from property tax records, real estate listings, and similar sources. The bill directs VA to develop recommendations and revise regulations. The VA provides guarantees to lenders for eligible borrowers to obtain better loan terms—such as lower interest rates or smaller down payments—when purchasing, constructing, or refinancing a home. VA typically pays lenders up to 25 percent of the outstanding mortgage balance if a borrower’s home is foreclosed upon. Home appraisals for VA-guaranteed loans are necessary to establish fair market value and to determine whether the property is safe, sound, and sanitary. Appraisers must be approved by VA.
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