Bill > S4208

This bill, the Improving Access to the VA Home Loan Act of 2022, requires the Secretary of Veterans Affairs (VA) to update the appraisal requirements for certain VA-guaranteed loans. Specifically, the bill directs the VA Secretary to prescribe updated regulations or program requirements within 90 days to clarify when an appraisal is required, how an appraisal is to be conducted, and who is eligible to conduct an appraisal for VA home loans. The bill also requires the VA Secretary to consider making changes to certification requirements for appraisers, minimum property requirements, the process for selecting and reviewing comparable sales, quality control processes, the VA's assisted appraisal processing program, and the use of waivers or other alternatives to existing appraisal processes. Additionally, the bill instructs the VA Secretary to provide guidance for the use of desktop appraisals, taking into account situations where they could provide cost savings for the borrower or prevent delays that could jeopardize the borrower's ability to complete the transaction.

Military Affairs and Security

https://www.congress.gov/bill/117th-congress/senate-bill/4208/all-info