Title: Improving Access to the VA Home Loan Benefit Act of 2022
Policy area: Armed Forces and National Security

Summary:
Improving Access to the VA Home Loan Benefit 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.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7735 Introduced in House (IH)]

<DOC>






117th CONGRESS
  2d Session
                                H. R. 7735

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 12, 2022

   Mr. Bost introduced the following bill; which was referred to the 
                     Committee on Veterans' Affairs

_______________________________________________________________________

                                 A BILL


 
  To direct 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 
Benefit Act of 2022''.

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

    (a) Updated Regulations Required.--Not later than 90 days after the 
date of the enactment of this Act, the 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 a loan guaranteed by the 
Department of Veterans Affairs under chapter 37 of title 38, United 
States Code, for any purpose described in section 3710(a) of such 
title.
    (b) Waiver of Requirement for Certain Properties.--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; and
            (6) the use of waivers or other alternatives to existing 
        appraisal processes.
    (c) Desk Top Appraisals.--In prescribing updated regulations or 
program guidance 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 for 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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