Title: COVID-19 Safe Home Appraisal Act of 2020
Policy area: Finance and Financial Sector

Summary:
COVID-19 Safe Home Appraisal Act of 2020
This bill allows interior inspection appraisal requirements with respect to certain loans to be waived through the end of the COVID-19 (i.e., coronavirus disease 2019) emergency period if specified requirements are met. An interior inspection may be waived if (1) an exterior inspection is performed in conjunction with certain contemporaneous verifications, such as video or photographs by the borrower; (2) an interior inspection may be ordered at a later date; and (3) an appraiser rejected the assignment due to health and safety concerns.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6791 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6791

To waive certain requirements with respect to in-person appraisals, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 8, 2020

Mr. Sherman (for himself and Ms. Waters) introduced the following bill; 
   which was referred to the Committee on Financial Services, and in 
  addition to the Committee on Veterans' Affairs, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL


 
To waive certain requirements with respect to in-person appraisals, 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 ``COVID-19 Safe Home Appraisal Act of 
2020''.

SEC. 2. CONGRESSIONAL FINDINGS.

    The Congress finds that as the United States continues to grapple 
with the impact of the spread of Coronavirus Disease 2019 (COVID-19), 
several adjustments are needed to ensure that mortgage processing can 
continue to function without significant delays, despite requirements 
that would otherwise require in-person interactions.

SEC. 3. WAIVER OF IN-PERSON APPRAISAL REQUIREMENTS.

    (a) Waiver.--During the period that begins upon the date of the 
enactment of this Act and ends on the date of the termination by the 
Federal Emergency Management Agency of the emergency declared on March 
13, 2020, by the President under the Robert T. Stafford Disaster Relief 
and Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to the 
Coronavirus Disease 2019 (COVID-19) pandemic, any appraisal that is 
conducted for a loan for a single-family residential property with 
respect to which applicable law or policy would otherwise require the 
performance of an interior inspection may be performed without an 
interior inspection, if--
            (1) an exterior-only inspection appraisal is performed in 
        conjunction with other methods, including borrower (or 
        prospective borrower) observations or verifiable 
        contemporaneous video or photographic documentation by the 
        borrower (or prospective borrower), to the extent they are 
        available;
            (2) the applicable lender, guarantor, regulating agency, or 
        insurer may order additional services to include an interior 
        inspection at a later date; and
            (3) the lender certifies that an appraiser rejected the 
        assignment over health and safety concerns related to 
        Coronavirus Disease 2019 (COVID-19).
    (b) Exception to Exterior Only Appraisals.--If an exterior-only 
inspection appraisal pursuant to subsection (a)(1) is prevented by 
State or local laws or orders, a desktop appraisal shall be utilized in 
conjunction with other methods, including borrower (or prospective 
borrower) observations or verifiable contemporaneous video or 
photographic documentation by the borrower (or prospective borrower), 
to the extent they are available.
    (c) Stipulation.--An appraiser conducting an appraisal without an 
interior inspection pursuant to this section shall stipulate an 
extraordinary assumption that the property's interior quality, 
condition, and physical characteristics are as described and consistent 
with the exterior view, and shall employ all available methods to 
maximize accuracy while maintaining safety.
    (d) Rulemaking.--Not later than the end of the 7-day period 
beginning on the date of the enactment of this Act, the Secretary of 
Housing and Urban Development, the Secretary of Agriculture, the 
Secretary of Veterans Affairs, and the Director of the Federal Housing 
Finance Agency shall issue such rules or guidance as may be necessary 
to ensure that such agencies, the Federal Home Loan Mortgage 
Corporation, the Federal National Mortgage Association, and the Federal 
home loan banks make any adjustments to single-family mortgage 
processing requirements that may be necessary to provide flexibility to 
avoid in-person interactions while preserving the goals of the programs 
and consumer protection.
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