summary
Introduced
05/08/2020
05/08/2020
In Committee
09/30/2020
09/30/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To waive certain requirements with respect to in-person appraisals, and for other purposes. 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.
AI Summary
This bill, the COVID-19 Safe Home Appraisal Act of 2020, allows for the waiver of in-person interior inspection requirements for certain single-family residential property appraisals during the COVID-19 emergency period. It allows for exterior-only inspections to be conducted in conjunction with other methods, such as borrower-provided photos or videos, and permits lenders to order additional interior inspections at a later date if necessary. The bill also directs federal agencies to issue guidance to facilitate flexibility in mortgage processing requirements while preserving program goals and consumer protection.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Referred to the Subcommittee on Economic Opportunity. (on 09/30/2020)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/6791/all-info |
| BillText | https://www.congress.gov/116/bills/hr6791/BILLS-116hr6791ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr6791/BILLS-116hr6791ih.pdf.pdf |
Loading...