Bill > S1635

This bill aims to improve the appraisal industry by making several key changes to existing laws. Specifically, it modifies requirements for appraisers working on Federal Housing Administration (FHA) insured mortgages, mandating that they be state-licensed or certified, meet professional competency standards, and complete verifiable education courses about FHA appraisal requirements. The bill also introduces a new category of "State credentialed trainee appraisers" who can assist certified appraisers, and allows the Appraisal Subcommittee more flexibility in setting annual registry fees for appraisal management companies. Additionally, the bill expands the Appraisal Subcommittee to include representatives from more government agencies like the Department of Veterans Affairs and Rural Housing Service, and provides grants to state appraiser licensing agencies to support education and training activities. By implementing these changes, the bill seeks to enhance the quality, consistency, and professional development of real estate appraisers while ensuring they meet rigorous standards for conducting appraisals on federally insured mortgages.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/1635/all-info