MBA Statement on the Senate Passage of VA Appraisal Modernization Legislation

December 20, 2022 Advocacy Press Release Residential


Adam DeSanctis

(202) 557-2727

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Bob Broeksmit, CMB, President and CEO of the Mortgage Bankers Association (MBA), issued the following statement on the passage of H.R. 7735, the Improving Access to the VA Home Loan Benefit Act of 2022, by the U.S. Senate:

“MBA applauds the Senate for passing - by unanimous consent - this bill that helps to ensure our nation’s servicemembers, veterans, and their families have access to more affordable, sustainable homeownership opportunities through the Department of Veterans Affairs’ (VA) Home Loan Program.

“The enactment of this MBA-endorsed legislation will now help streamline the home buying process for veterans and their families by requiring the VA to update its home appraisal rules and program guidelines. To the benefit of buyers and lenders, the VA will now be required to encourage hybrid appraisals, employ emerging technologies, and revisit policies on property inspection waivers, minimum property requirements, and comparable sales.

“MBA strongly advocated for this bill throughout the year, including in May when Mark Jones, MBA’s current Chairman-elect, and CEO and Co-Founder of Amerifirst Home Mortgage, testified before the House Veterans’ Affairs Subcommittee on Economic Opportunity.

“We commend the bill’s author, House Veterans’ Affairs Committee Ranking Member Mike Bost, and the Senate companion’s lead sponsors, Senators Dan Sullivan and Jacky Rosen, for introducing and helping to pass the proposal in a broad, bipartisan manner in both the House and Senate. MBA also commends current House Veterans’ Affairs Committee Chairman Mark Takano, and the Senate Veterans’ Affairs Committee Chairman and Ranking Member, Jon Tester and Jerry Moran, for the key roles they played to help advance H.R. 7735.

“MBA will continue to work with the VA, Congress, our members, and other key stakeholders to ensure veterans and their families have access to more affordable, sustainable homeownership opportunities.”