H.R. 7735 · 117th Congress
Improving Access to the VA Home Loan Benefit Act of 2022
Law · 117-308 · Dec 27, 2022Key: what the circles and colors mean
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Became law without a recorded vote. It passed by voice vote or unanimous consent, which don't record how each member voted.
R
BostSponsor2 cosponsors · 1 D, 1 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- House Introduced May 12, 2022
- House Passed Sep 14, 2022
- Senate Passed Dec 19, 2022
- President To the President Dec 23, 2022
- President Signed Dec 27, 2022
- Law Dec 27, 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.
What it does: CRS summary · Public Law · Dec 27, 2022
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Improving Access to the VA Home Loan Benefit Act of 2022
Latest action (Dec 27, 2022): Became Public Law No: 117-308.
Policy area: Armed Forces and National Security · Origin: House · Introduced: May 12, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced May 12, 2022
- House Passed Sep 14, 2022
- Senate Passed Dec 19, 2022
- President To the President Dec 23, 2022
- President Signed Dec 27, 2022
- Law Dec 27, 2022
No recorded floor vote found.