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House panel passes third-party appraisal bill.

The House Committee on Veterans' Affairs on Oct. 12 passed HR 3561, legislation that gives VA appraisers the ability to rely solely on information from approved third parties--such as an appraisal trainee or property inspector under the direction of a VA appraiser--when determining a home's value for a VA loan. The bill's sponsors reportedly intend for it to address timeliness issues with some appraisals in rural areas.

In a letter to the bill's sponsors, the Appraisal Institute recommended a different approach, suggesting that instead of allowing third-party inspections, the VA should more aggressively recruit appraisers to address timeliness issues. AI also recommended the legislation be tightened to "support the use of appraiser trainees over non-appraiser property inspectors, and for the program to be limited to its intent of dealing with rural appraisal situations."

Next up for HR 3561 is a vote on the House floor, but no date is set.

* Review HR 3561 at http://bit.ly/2AecYns.

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Title Annotation:Reports in Short: From the Appraisal Institute
Publication:Valuation Magazine
Date:Sep 22, 2017
Words:158
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