HR 7735 — Improving Access to the VA Home Loan Benefit Act of 2022

Summary

Improving Access to the VA Home Loan Benefit Act of 2022 This act requires the Department of Veterans Affairs (VA) to update regulations, requirements, and guidance related to appraisals for housing loans guaranteed by the VA. Specifically, such regulations or requirements must specify when an appraisal is required, how an appraisal is to be conducted, and who is eligible to conduct an appraisal for such loans. The act also requires the VA to submit to Congress recommendations for improving the delivery times for appraisals for VA loans and to take such recommendations into consideration in prescribing its updated regulations or requirements. The VA must also provide additional guidance for desktop appraisals, which are performed remotely using information gathered by third parties with whom a VA-approved appraiser has entered into an agreement for such appraisal. In updating such guidance, the VA must specifically take into account situations where (1) desktop appraisals provide cost savings for borrowers, and (2) a traditional appraisal requirement could cause time delays and jeopardize the completion of a transaction.

Improving Access to the VA Home Loan Benefit Act of 2022 This bill requires the Department of Veterans Affairs (VA) to update regulations, requirements, and guidance related to appraisals for housing loans guaranteed by the VA. Specifically, such regulations or requirements must specify when an appraisal is required, how an appraisal is to be conducted, and who is eligible to conduct an appraisal for such loans. The bill also requires the VA to submit to Congress recommendations for improving the delivery times for appraisals for VA loans and to take such recommendations into consideration in prescribing its updated regulations or requirements. The VA must also provide additional guidance for desktop appraisals, which are performed remotely using information gathered by third parties with whom a VA-approved appraiser has entered into an agreement for such appraisal. In updating such guidance, the VA must specifically take into account situations where (1) desktop appraisals provide cost savings for borrowers, and (2) a traditional appraisal requirement could cause time delays and jeopardize the completion of a transaction.

Improving Access to the VA Home Loan Benefit Act of 2022 This bill requires the Department of Veterans Affairs (VA) to update regulations, requirements, and guidance related to appraisals for housing loans guaranteed by the VA. Specifically, such regulations or requirements must specify when an appraisal is required, how an appraisal is to be conducted, and who is eligible to conduct an appraisal for such loans. The VA must also provide additional guidance for desktop appraisals, which are performed remotely using information gathered by third parties with whom a VA-approved appraiser has entered into an agreement for such appraisal. In updating such guidance, the VA must specifically take into account situations where (1) desktop appraisals provide cost savings for borrowers, and (2) a traditional appraisal requirement could cause time delays and jeopardize the completion of a transaction.

Actions

2022-12-27T00:00:00

Became Public Law No: 117-308.

2022-12-27T00:00:00

Became Public Law No: 117-308.

2022-12-27T00:00:00

Signed by President.

2022-12-27T00:00:00

Signed by President.

2022-12-23T00:00:00

Presented to President.

2022-12-23T00:00:00

Presented to President.

2022-12-20T00:00:00

Message on Senate action sent to the House.

2022-12-19T00:00:00

Passed Senate without amendment by Unanimous Consent. (consideration: CR S7302)

2022-12-19T00:00:00

Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.

2022-09-15T00:00:00

Received in the Senate, read twice.

2022-09-14T00:00:00

Pursuant to section 11 of H. Res. 1339, and the motion offered by Mr. Hoyer, the following bills passed under suspension of the rules: H.R. 1468, as amended; H.R. 5865; H.R. 5916, as amended; H.R. 7735, as amended; H.R. 7846; H.R. 7939, as amended; H.R. 8260, as amended; and S. 4205. (consideration: CR H7814-7822; text: CR H7819-7820)

2022-09-14T00:00:00

Passed/agreed to in House: Pursuant to section 11 of H. Res. 1339, and the motion offered by Mr. Hoyer, the following bills passed under suspension of the rules: H.R. 1468, as amended; H.R. 5865; H.R. 5916, as amended; H.R. 7735, as amended; H.R. 7846; H.R. 7939, as amended; H.R. 8260, as amended; and S. 4205.

2022-09-14T00:00:00

Pursuant to the provisions of H. Res. 1339, proceedings on H.R. 7735 are considered vacated.

2022-09-13T00:00:00

At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

2022-09-13T00:00:00

DEBATE - The House proceeded with forty minutes of debate on H.R. 7735.

2022-09-13T00:00:00

Considered under suspension of the rules. (consideration: CR H7768-7769; text: CR H7768)

2022-09-13T00:00:00

Mr. Takano moved to suspend the rules and pass the bill, as amended.

2022-07-19T00:00:00

Ordered to be Reported (Amended) by Voice Vote.

2022-07-19T00:00:00

Committee Consideration and Mark-up Session Held.

2022-07-18T00:00:00

Subcommittee on Economic Opportunity Discharged.

2022-05-18T00:00:00

Subcommittee Hearings Held.

2022-05-17T00:00:00

Referred to the Subcommittee on Economic Opportunity.

2022-05-12T00:00:00

Referred to the House Committee on Veterans' Affairs.

2022-05-12T00:00:00

Introduced in House

2022-05-12T00:00:00

Introduced in House

Policy Areas

Armed Forces and National Security

Improving Access to the VA Home Loan Benefit Act of 2022

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