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On Wednesday, December 8, 2021, President Leslie Rouda Smith testified before the Subcommittee on Economic Opportunity of the House Committee on Veterans Affairs. President Smith shared REALTORS®' concerns about issues preventing greater utilization of VA financing including difficulties obtaining appraisals, limits on fees for services, consumer education, and recent increases to the funding fees as well as limitations on renovation financing.
Representatives from the VA, American Legion, Veterans of Foreign Wars, and Veterans United Home Loans also testified. The VA pointed to "myths" in the market about problems with lenders and inspections while all four other witnesses testified to those problems. The VA raised its allowable appraisal fees and turnaround times in mid-March.
A written testimony was submitted for President Smith and NAR will send a follow up letter to the committee in response to committee members’ questions.