The appraisal industry is opposed to a legislative proposal that would make changes to how appraisals are procured for the VA home loan program. The appraisal measure is one of the key provisions in H.R. 299, the Blue Water Navy Vietnam Veterans Act, which the House of Representatives passed by a vote of 382-0 in June. The bill is now pending in the Senate Committee on Veterans’ Affairs. The Blue Water Act would clarify presumptions relating to veterans’ exposure to herbicide, such as Agent Orange, during the Vietnam era and disability claims. The bill also proposes changes to the VA loan fee structure, including a proposed hike to the fees veterans, servicemembers and their spouses pay to obtain a VA-guaranteed home loan. The appraisal provision in H.R. 299 would allow VA appraisers to engage a third party to perform property inspections on their behalf. The provision addresses a problem with ...
A legislative proposal to hike VA loan fees apparently to pay for certain veterans’ health-care costs is getting pushback from lenders and the Department of Veterans Affairs itself.
Originators stranded with VA “orphan loans” that cannot be securitized in a Ginnie Mae MBS are finding temporary workarounds to deal with the problem, while maintaining hope for a potential solution from the government. However, few firms are holding their breath that Ginnie will come to the rescue, especially since the agency has maintained that only new legislation can solve the problem. The problem was caused by a quirk in a law aimed at preventing the churning of VA ...
The Senate Committee on Veterans Affairs is considering legislation that would raise the fee paid by veterans, servicemembers and reservists for having a VA guarantee on a mortgage loan. Proposed adjustments to the VA home loan fee is in H.R. 299, the Blue Water Navy Vietnam Veterans Act of 2017, which the House of Representatives approved on June 25. The bill primarily extends the presumption of service-related disability due to exposure to herbicides ...
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