summary
Introduced
05/12/2022
05/12/2022
In Committee
07/19/2022
07/19/2022
Crossed Over
09/15/2022
09/15/2022
Passed
12/23/2022
12/23/2022
Dead
Signed/Enacted/Adopted
12/27/2022
12/27/2022
Introduced Session
117th Congress
Bill Summary
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.
AI Summary
This bill, the Improving Access to the VA Home Loan Benefit Act of 2022, directs the Secretary of Veterans Affairs to update the appraisal requirements for certain loans guaranteed by the Department of Veterans Affairs (VA). Specifically, the bill requires the Secretary to submit recommendations for improving the delivery times of VA-guaranteed loan appraisals and to prescribe updated regulations or program requirements to clarify when an appraisal is required, how it should be conducted, and who is eligible to perform an appraisal. The bill also allows the 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 Assisted Appraisal Processing Program, and the use of waivers or other alternatives to existing appraisal processes. Additionally, the bill requires the Secretary to provide guidance on the use of desktop appraisals, which can potentially provide cost savings and prevent delays for borrowers.
Committee Categories
Business and Industry, Military Affairs and Security
Sponsors (3)
Last Action
Became Public Law No: 117-308. (on 12/27/2022)
Official Document
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