Bill > HR6025

This bill aims to improve the appraisal industry by making several key changes to regulations governing real estate appraisers, particularly those working with Federal Housing Administration (FHA) mortgages. The bill requires state-licensed appraisers to meet specific certification, education, and competency standards before conducting FHA-related appraisals, including being certified or licensed in the state where the property is located and completing FHA-approved education courses. It also allows federal employees who are appraisers to be licensed in just one state while performing appraisals nationwide. The legislation introduces a new category of "State credentialed trainee appraisers" and permits certified appraisers to use trainee assistance while remaining ultimately responsible for the final appraisal work. Additionally, the bill expands the Appraisal Subcommittee to include more federal agencies and authorizes grants to support appraiser workforce development, such as providing scholarship assistance and developing career pipelines. The Secretary of Housing and Urban Development is required to issue detailed guidance implementing these changes within 240 days of the bill's enactment, with full implementation occurring within 180 days of that guidance.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/6025/all-info