Improving Access to the VA Home Loan Benefit Act of 2022

Bill: 117-hr-7735
Sponsor: full_name: Rep. Bost, Mike [R-IL-12]
Introduced: 2022-05-12
Policy area: Armed Forces and National Security
Subjects: Administrative law and regulatory procedures

Congressional oversight

Department of Veterans Affairs

Government information and archives

Housing finance and home ownership

Veterans' loans, housing, homeless programs
Latest action: action_date: 2022-12-27
text: Became Public Law No: 117-308.

Summaries:
action_date: 2022-05-12
action_desc: Introduced in House
text: <p><strong>Improving Access to the VA Home Loan Benefit Act of 2022</strong></p> <p>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.</p> <p>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. </p> <p>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.</p>

action_date: 2022-09-14
action_desc: Passed House
text: <p><strong>Improving Access to the VA Home Loan Benefit Act of 2022</strong></p> <p>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.</p> <p>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 bill also requires the VA to submit to Congress recommendations for improving the delivery times for appraisals for VA loans and to take such recommendations into consideration in prescribing its updated regulations or requirements.</p> <p>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.</p>

action_date: 2022-12-19
action_desc: Passed Senate
text: <p><strong>Improving Access to the VA Home Loan Benefit Act of 2022</strong></p> <p>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.</p> <p>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 bill also requires the VA to submit to Congress recommendations for improving the delivery times for appraisals for VA loans and to take such recommendations into consideration in prescribing its updated regulations or requirements.</p> <p>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.</p>

action_date: 2022-12-27
action_desc: Public Law
text: <p><strong>Improving Access to the VA Home Loan Benefit Act of 2022</strong></p> <p>This act requires the Department of Veterans Affairs (VA) to update regulations, requirements, and guidance related to appraisals for housing loans guaranteed by the VA.</p> <p>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 act also requires the VA to submit to Congress recommendations for improving the delivery times for appraisals for VA loans and to take such recommendations into consideration in prescribing its updated regulations or requirements.</p> <p>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.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7735 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.

1. Short title This Act may be cited as the Improving Access to the VA Home Loan Benefit Act of 2022 . 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.

tv_txt: I 117th CONGRESS 2d Session H. R. 7735 IN THE HOUSE OF REPRESENTATIVES AN ACT 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.

1. Short title This Act may be cited as the Improving Access to the VA Home Loan Benefit Act of 2022 . 2. Recommendations for improving appraisal delivery times Not later than 90 days after the date of the enactment of this Act, the Secretary of Veterans Affairs shall submit to the Committees on Veterans’ Affairs of the Senate and House of Representatives recommendations for improving the delivery times for appraisals for loans guaranteed by the Department of Veterans Affairs. 3. Update of appraisal requirements for certain loans guaranteed by the Department of Veterans Affairs (a) Updated regulations required Not later than 180 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. In prescribing updated regulations or program requirements under this section, the Secretary shall take into consideration the recommendations of the Secretary submitted under section 2. (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. 4. Determination of budgetary effects The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.

Passed the House of Representatives September 14, 2022. Cheryl L. Johnson, Clerk.

tv_txt: II 117th CONGRESS 2d Session H. R. 7735 IN THE SENATE OF THE UNITED STATES September 15, 2022 Received AN ACT 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.

1. Short title This Act may be cited as the Improving Access to the VA Home Loan Benefit Act of 2022 . 2. Recommendations for improving appraisal delivery times Not later than 90 days after the date of the enactment of this Act, the Secretary of Veterans Affairs shall submit to the Committees on Veterans’ Affairs of the Senate and House of Representatives recommendations for improving the delivery times for appraisals for loans guaranteed by the Department of Veterans Affairs. 3. Update of appraisal requirements for certain loans guaranteed by the Department of Veterans Affairs (a) Updated regulations required Not later than 180 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. In prescribing updated regulations or program requirements under this section, the Secretary shall take into consideration the recommendations of the Secretary submitted under section 2. (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. 4. Determination of budgetary effects The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.

Passed the House of Representatives September 14, 2022. Cheryl L. Johnson, Clerk.

tv_txt: I One Hundred Seventeenth Congress of the United States of America At the Second Session Begun and held at the City of Washington on Monday, the third day of January, two thousand and twenty-two H. R. 7735 AN ACT 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.

1. Short title This Act may be cited as the Improving Access to the VA Home Loan Benefit Act of 2022 . 2. Recommendations for improving appraisal delivery times Not later than 90 days after the date of the enactment of this Act, the Secretary of Veterans Affairs shall submit to the Committees on Veterans’ Affairs of the Senate and House of Representatives recommendations for improving the delivery times for appraisals for loans guaranteed by the Department of Veterans Affairs. 3. Update of appraisal requirements for certain loans guaranteed by the Department of Veterans Affairs (a) Updated regulations required Not later than 180 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. In prescribing updated regulations or program requirements under this section, the Secretary shall take into consideration the recommendations of the Secretary submitted under section 2. (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. 4. Determination of budgetary effects The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.

Speaker of the House of Representatives. Vice President of the United States and President of the Senate.