In the just concluded week, a bill that simplifies the appraisal process for mortgage loans issued by the U.S. Department of Veterans Affairs was approved by the United States House of Representatives. The “Improving Access to the Veteran Affairs (V.A.) Home Loan Benefit Act of 2022,” also known as HR 7735, allows the V.A. to authorize desktop appraisals and, in some cases, waive appraisals entirely. In addition, V.A. appraisals have to be completed internally, which critics have long argued caused a costly and cumbersome procedure for veterans and service members.
The Mortgage Bankers Association stated that the bill, filed by Representative Mike Bost of Illinois, should make veterans more competitive homebuyers. According to MBA President and CEO Bob Broeksmit, the measure will promote significant changes to the agency’s regulations addressing when an appraisal is required, how appraisals are conducted, and who is qualified to conduct an evaluation.
Sen. Dan Sullivan of Alaska presented a similar bill in the Senate, which still needs approval.
This measure will allow for a modern, digital assessment procedure, which will hasten the process of getting veterans into their new houses and ensure that they are not unfairly penalized during the home buying process. In a statement, Bost stated.
The VA asserted that its readiness to accept different appraisals did not take the place of an appraiser’s evaluation of the proper scope of work and whether a desktop or exterior-only appraisal could provide a reliable report. The agency noted several restrictions, noting that the purchase price cannot exceed the conforming loan limits set by the Federal Housing Finance Agency, which are $970,800 for 2022. Lenders must also receive approval to participate in the V.A.’s Lender Appraisal Processing Program. To read more on this bill, click here.
https://www.housingwire.com/articles/house-passes-bill-to-modernize-va-appraisals/
About Note Servicing Center
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid.
Contact us today for more information.
Share This Story, Choose Your Platform!
Related Posts
Disclaimer
The information provided in this article is for general educational and informational purposes only and does not constitute legal, financial, investment, tax, or professional advice. Note Servicing Center, Inc. is a licensed loan servicer and does not provide legal counsel, investment recommendations, or financial planning services. Reading this content does not create an attorney-client, fiduciary, or advisory relationship of any kind.
Nothing in this article constitutes an offer to sell, a solicitation of an offer to buy, or a recommendation regarding any security, promissory note, mortgage note, fractional interest, or other investment product. Any references to notes, yields, returns, or investment structures are illustrative and educational only. Past performance is not indicative of future results, and all investments involve risk, including the potential loss of principal.
Note investing, real estate transactions, and lending activities are subject to federal, state, and local laws that vary by jurisdiction and change over time. Before making any decision based on the information in this article, you should consult with a qualified attorney, licensed financial advisor, certified public accountant, or other appropriate professional who can evaluate your specific circumstances.
While we make reasonable efforts to ensure the accuracy of the information presented, Note Servicing Center, Inc. makes no warranties or representations regarding the completeness, accuracy, or current applicability of any content. We disclaim all liability for actions taken or not taken in reliance on this article.