The VA Appraisal Modernization Act updates appraisal fees for VA home loans and addresses appraiser shortages.
The VA Appraisal Modernization Act amends title 38, United States Code, to revise appraisal fees for housing loans guaranteed by the Department of Veterans Affairs. It defines "appraisal fee" as compensation for property appraisals related to VA loans. The Secretary of Veterans Affairs must establish appraisal fees, adjust them annually based on home price changes, and designate high-demand and remote counties. For high-demand counties, the Secretary can increase fees to up to 150% of the standard fee.
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