VA Appraisal Modernization Act

This bill would require the Department of Veterans Affairs (VA) to set appraisal fees for VA home loans within 180 days and adjust them each year based on a federal home price index. The VA would designate "high-demand" counties, where appraisals are delayed or appraisers are scarce, and "remote" counties, where few appraisers are nearby or travel distances are long, and update these lists every quarter. Starting in 2027, appraisal fees in high-demand counties would be raised to at least 125 percent of the base fee, and up to 150 percent for counties designated for a year or more. Appraisers working in high-demand or remote counties would be reimbursed for round-trip mileage at the federal rate, and the VA would have to report on costs and effects and study other ways to run its appraisal process.

Full text and official record on Congress.gov

Sponsors

• Tammy Duckworth Democrat sponsor
• 2 cosponsors