Senate VA Appraisal Modernization Measure

[Ken Tamblyn]

Senate Passes VA Appraisal Modernization Measure
The U.S. Senate has announced the passage of HR 7735, the Improving Access to the VA Home Loan Benefit Act of 2022.

Under the terms of HR 7735, sponsored by Sen. Dan Sullivan and Rep. Mike Bost, the VA will be required to:

• Issue certification requirements for appraisers;
• Execute minimum property requirements;
• Review the process for selecting and reviewing comparable sales;
• Implement quality control processes;
• Establish the Assisted Appraisal Processing Program; and
• Establish the use of waivers or other alternatives to existing appraisal processes.

I thought the VA was already doing most of this. Is this just a feel good bill to make it seem that they are doing something for Veterans?

 

[Mejappz]

It looks similar to FHA. The blind lead the blind. That happens when you give over your entire industry to Government bureaucrats.

 

[BRCJR]

Senate Passes VA Appraisal Modernization Measure
The U.S. Senate has announced the passage of HR 7735, the Improving Access to the VA Home Loan Benefit Act of 2022.

Under the terms of HR 7735, sponsored by Sen. Dan Sullivan and Rep. Mike Bost, the VA will be required to:

• Issue certification requirements for appraisers;
• Execute minimum property requirements;
• Review the process for selecting and reviewing comparable sales;
• Implement quality control processes;
• Establish the Assisted Appraisal Processing Program; and
• Establish the use of waivers or other alternatives to existing appraisal processes.

I thought the VA was already doing most of this. Is this just a feel good bill to make it seem that they are doing something for Veterans?

• Issue certification requirements for appraisers

Wonder if the same thing will happen to the Licensed credential as the word "certified" did for FHA?

 

[glenn walker]

Wonder if the same thing will happen to the Licensed credential as the word "certified" did for FHA?

Did a long time ago as I recall VA requires Certified Only on its Panel.

 

[BRCJR]

Did a long time ago as I recall VA requires Certified Only on its Panel.

I know several Licensed Appraisers that do a lot of VA appraisals.

 

[glenn walker]

I know several Licensed Appraisers that do a lot of VA appraisals.

OK I was unaware of that

 

[TerryRohrer]

OK I was unaware of that

The VA doesn't have any regulations for which there are no exceptions!

 

[Mejappz]

One world appraising is here. Not even Veterans can escape a visit from the tickle-me Elmo "Inspector."

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[djd09]

The AMC Clear Capital has been lobbying Congress for the last several years to begin accepting bifurcated/hybrid appraisals. In April 2017, the House Committee on Veterans Affairs held a hearing on “Assessing VA Approved Appraisers and How to Improve the Program for the 21st Century,” where Russell Johnson, Chief Revenue Officer at Clear Capital, argued that the VA should consider “the use of a desktop appraisal, based on the physical inspection of a subject property by an industry professional…such as a real estate broker or agent, performing a visual inspection of the subject property and providing other market insight and analytics.” Clear Capital has taken heat in the press and on Appraisal Blogs in the past for low appraisal fees, with one hybrid report being posted to AppraiserBlogs.com showing a $25 fee paid to the appraiser for the valuation analyst portion of the assignment.

https://www.workingre.com/VA-issues-guidance-on-bifurcated-appraisals/

 

[OSU Beavers]

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