summary
Introduced
05/07/2021
05/07/2021
In Committee
05/07/2021
05/07/2021
Crossed Over
05/19/2021
05/19/2021
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
AN ACT To amend the National Housing Act to authorize State- licensed appraisers to conduct appraisals in connection with mortgages insured by the FHA and to require com- pliance with the existing appraiser education require- ment, and for other purposes.
AI Summary
This bill, titled the Homebuyer Assistance Act of 2021, amends the National Housing Act to authorize state-licensed appraisers to conduct appraisals for mortgages insured by the Federal Housing Administration (FHA) and requires compliance with existing appraiser education requirements. Specifically, the bill requires that appraisers for FHA-insured single-family home mortgages be certified or licensed by the state where the property is located, and that they complete a 7-hour training course on the relevant appraisal requirements. The bill also provides a grandfather clause, allowing appraisers who were previously approved to continue conducting FHA appraisals if they meet the existing requirements. The Department of Housing and Urban Development is directed to issue guidance implementing these changes within 240 days of the bill's enactment.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (2)
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 05/19/2021)
Official Document
bill text
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bill summary
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bill summary
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