NAR wrote to the U.S. Department of Veterans Affairs (VA) regarding implementation of H.R. 7735, the Improving Access to the VA Home Loan Benefit Act of 2022, which passed Congress and was signed into law on December 27th, 2022.
The bill provides 90 days from enactment for the VA Secretary to review and propose changes to its requirements for an appraisal as well as its qualifications for appraisers and the use of waivers. It then stipulates an additional 90 days to implement them.
NAR's letter to the Secretary of the VA and the Executive Director of the Loan Guarantee Program articulates NAR's support for modernization of the appraisal industry and process. However, it describes NAR's concern that the rapid timeline for analysis and implementation would not allow the VA to vet internal process for potential innovation or the veracity or applicability of options used in the private sector. Furthermore, modernization should be balanced against risk to the Loan Guarantee Program, seeking to maintain a sound fund for generations of active duty and veteran buyers to come.