What does Preamble of Appraisal Industry Improvement Act do?

This bill aims to amend the National Housing Act It seeks to authorize State-licensed appraisers for FHA-insured mortgages The bill also aims to ensure compliance with existing appraiser education and competency requirements

What does SHORT TITLE. of Appraisal Industry Improvement Act do?

This bill is formally titled the Appraisal Industry Improvement Act.

What does APPRAISER STANDARDS. of Appraisal Industry Improvement Act do?

This section amends the National Housing Act to update appraiser standards. Appraisers must be certified or licensed by the state where the property is located. Appraisers must meet competency requirements and have verifiable education in appraisal requirements. The Secretary of Housing and Urban Development must issue regulations to implement these changes within 240 days. The regulations will take effect 180 days after they are issued.

What does ANNUAL REGISTRY FEES FOR APPRAISAL MANAGEMENT COMPANIES. of Appraisal Industry Improvement Act do?

This section amends Section 1109(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. The amendment allows the Appraisal Subcommittee to establish a new formula to decrease annual registry fees for Appraisal Management Companies. This authority is triggered if the Subcommittee determines existing fees result in adverse consequences or are not appropriately tailored to its functions.

What does STATE CREDENTIALED TRAINEE APPRAISERS. of Appraisal Industry Improvement Act do?

This section amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to include State credentialed trainee appraisers in various reporting and fee structures. Section 1103 is amended to include State credentialed trainee appraisers in the annual report to the National Registry. Section 1109 is amended to modify annual registry fees, including establishing a fee of not more than $20 for State credentialed trainee appraisers. Section 1113 is amended to allow State certified appraisers to use the assistance of State credentialed trainee appraisers or unlicensed trainee appraisers when performing appraisals. A new definition of 'State credentialed trainee appraiser' is added to Section 1121, defining it as an individual meeting minimum criteria and credentialed by a State agency. The amendments do not require States to establish or operate programs for State credentialed trainee appraisers.

What does GRANTS FOR WORKFORCE AND TRAINING. of Appraisal Industry Improvement Act do?

This section amends Section 1109(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. The amendment modifies existing paragraphs (5) and (6) by removing punctuation. A new paragraph (7) is added to authorize grants to State appraiser certifying and licensing agencies. These grants are intended to support education, training, or other activities deemed appropriate by the Appraisal Subcommittee. The purpose of the grants is to address appraiser industry workforce needs.

What does APPRAISAL SUBCOMMITTEE. of Appraisal Industry Improvement Act do?

This section amends Section 1011 of the Federal Financial Institutions Examination Council Act of 1978. The amendment inserts the Department of Veterans Affairs, the Rural Housing Service of the Department of Agriculture, and the Department of Housing and Urban Development into the first sentence of Section 1011.

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Appraisal Industry Improvement Act

Last updated: 5/7/2025 · Introduced: 5/7/2025

Author: Kevin Cramer (R-ND)

TL;DR (AI)

The bill allows state-licensed appraisers to perform appraisals for FHA-insured mortgages, aligning with existing state licensing standards.
It establishes a new fee structure for Appraisal Management Companies, potentially decreasing annual registry fees if deemed necessary by the Appraisal Subcommittee.
The bill creates a category of 'State credentialed trainee appraisers' and authorizes grants to state agencies to support appraiser education and workforce development.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 5 more.

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