Senate VA Appraisal Modernization Measure

[glenn walker]

Price is not really complexity, but higher priced homes in the market tend to be more complex due to the tendency for less similar comps. Atypical properties in any price range could be complex. I understand drawing the line somewhere, but I think it makes more sense to phase out the licensing level. It has little to no purpose in my opinion.

I agree with you its Non-Sense

 

[RCA]

Personally I think this is all about desktop appraisals.

It's an exceedingly simple bill. In fact, it is only asking the Secretary of Veterans Affairs to update regulations within the next 90 days to speed-up the delivery of appraisals to Veterans - by modifying, i.e. "downsizing" requirements.

Now, quite frankly I do not believe that delays are a major problem. Correct me if I am wrong. But I see this as simply an excuse to downsize regulations so that it will be easier to get homeless or near homeless veterans off the streets or keep them off the streets.

In the minds of many is the outlandish sight of veterans who have sacrificed sometimes their health and wealth to defend the country out on the streets with goddamn useless good-for-nothing drug addicts. - Maybe this is wishful thinking.

 

[djd09]

if residential real estate is not complex, then why did the banksters need a bailout...

anyways, VA better think twice before it lays with the snakes

 

[BRCJR]

That's really interesting. The VA has told me several times that when I agreed to be on the panel, that I could appraise ant residential property. That would indicate that a licensed appraiser would not qualify since they can't appraise complex properties or properties over $1,000.000. I recently appraised one with a contract price od $1,995,000.

A VA loan permits an eligible veteran to borrow up to 103.3% of the purchase price or the value of the home, whichever figure is lower. The VA uses state-licensed or state-certified appraisers to provide opinions of value for the homes on which it guarantees the mortgages. In order to complete a VA appraisal, you must be on the VA panel. Here’s an overview of how the VA appraisal panel operates.

VA appraisal panel vs. FHA appraisal roster​

Most residential appraisers are familiar with the FHA appraiser roster. It is important to note that the VA appraisal panel works very differently from the FHA appraisal roster.

As one example, the FHA roster is open to all qualifying appraisers. If you meet the FHA roster requirements, all you have to do is apply, and you will be added to the FHA roster.

Conversely, the VA panel is only opened up when the VA Regional Loan Center (RLC) has a need for appraisers in certain geographic areas. For example, there might be a need for appraisers in one city, and the VA will open up the panel and accept appraiser applicants from that city. But if you are from another city where there is not a perceived need for appraisers, the VA will not add new appraisers to the panel from that city.

There is no fee to apply or maintain membership on the VA panel.

 

[djd09]

Biden Signs New Law To Speed Or Waive Appraisals For VA Loans​

The Improving Access to the VA Home Loan Benefit Act of 2022 was supported by the MBA.

KEY TAKEAWAYS

• The Act requires the VA Secretary to recommend ways to improve appraisal delivery times.
• It also requires the secretary to consider changes to when desktop appraisals or appraisal waivers can be approved.
• VA began allowing desktop and exterior-only appraisals in July 2022.

• Waiver of requirement for certain properties, including 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.
• Desktop Appraisals: Taking into consideration situations in which the use of such authority would provide for cost savings for the borrower; and situations in which a traditional appraisal requirement could cause a delay substantial enough to jeopardize the ability of a borrower to complete a transaction.

https://nationalmortgageprofessional.com/news/biden-signs-new-law-speed-or-waive-appraisals-VA-loans

 

[Tiffany Gibbons]

Great point. But in the end, the VA can't ignore politics. The program was created to lend money to Vets, it's not an appraiser job program. If the changes mean more loans to Vets then I expect the pressure to implement will be great.

Too bad the Chief Appraiser for Dept. Of VA was a VA fee panel appraiser and was on the FBI mortgage fraud investigation team (as well as a Marine, of course). Doesn't everyone think the Secretary of VA will consult the Chief Appraiser? I'm watching a documentary on the mortgage fraud debacle on Amazon, called "The Con". It is amazing to think these crooks might be right back to the game. There is no long turn around time except very rural mountainous areas. They don't have enough coverage in rural areas of Colorado, Texas, etc. How's an inexperienced aluminum can collector going to be faster? VA already has a program where trainees and other appraisers can do the inspection for the fee panel appraiser (someone of the appraiser's choice). We get written up if we don't adhere to the turn times. The Congress members have no doubt been lobbied by Lenders hoping no one remembers.