Improving Access to the VA Home Loan Act of 2022
Bill: S.4208 | Sponsor: Sen. Sullivan, Dan (R-AK)
Policy area: Armed Forces and National Security

Summary:
Improving Access to the VA Home Loan Act of 2022
This bill requires the Department of Veterans Affairs (VA) to update regulations, requirements, and guidance related to appraisals for housing loans guaranteed by the VA.
Specifically, such regulations or requirements must specify when an appraisal is required, how an appraisal is to be conducted, and who is eligible to conduct an appraisal for such loans.
The VA must also provide additional guidance for desktop appraisals, which are performed remotely using information gathered by third parties with whom a VA-approved appraiser has entered into an agreement for such appraisal. In updating such guidance, the VA must specifically take into account situations where (1) desktop appraisals provide cost savings for borrowers, and (2) a traditional appraisal requirement could cause time delays and jeopardize the completion of a transaction.

To require the Secretary of Veterans Affairs to update the appraisal 
requirements for certain loans guaranteed by the Department of Veterans 
                    Affairs, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Improving Access to the VA Home Loan 
Act of 2022''.

SEC. 2. UPDATE OF APPRAISAL REQUIREMENTS FOR CERTAIN LOANS GUARANTEED 
              BY DEPARTMENT OF VETERANS AFFAIRS.

    (a) Updated Regulations or Program Requirements Required.--Not 
later than 90 days after the date of the enactment of this Act, 
Secretary of Veterans Affairs shall prescribe updated regulations or 
program requirements to clarify when an appraisal is required, how an 
appraisal is to be conducted, and who is eligible to conduct an 
appraisal for purposes of a loan that is--
            (1) guaranteed under chapter 37 of title 38, United States 
        Code; and
            (2) for any purpose described in section 3710(a) of such 
        title.
    (b) Considerations.--In prescribing updated regulations or program 
requirements under subsection (a), the Secretary shall consider making 
changes applicable to--
            (1) certification requirements for appraisers;
            (2) minimum property requirements;
            (3) the process for selecting and reviewing comparable 
        sales;
            (4) quality control processes;
            (5) the assisted appraisal processing program of the 
        Department of Veterans Affairs; and
            (6) the use of waivers or other alternatives to existing 
        appraisal processes.
    (c) Desk Top Appraisals.--In prescribing updated regulations or 
program requirements under subsection (a), the Secretary shall provide 
guidance for the use of the authority under section 3731(b)(3) of title 
38, United States Code, taking into consideration--
            (1) situations in which the use of such authority would 
        provide cost savings for the borrower; and
            (2) situations in which a traditional appraisal requirement 
        could cause a delay substantial enough to jeopardize the 
        ability of a borrower to complete a transaction.
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