119th Congress Finance and Financial Sector
S. 1635: Appraisal Industry Improvement Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill revises the eligibility criteria for real estate appraisers who are authorized to perform appraisals for federally related mortgage loans.
As background, the Federal Financial Institutions Examination Council’s Appraisal Subcommittee oversees state licensing and certification of appraisers and maintains a registry of appraisers who are eligible to perform federally related appraisals—those tied to mortgages involving federally insured banks, federally backed programs (e.g., programs administered by the Federal Housing Administration), or government sponsored enterprises (e.g., Fannie Mae).
The bill
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- allows federal employees who are state certified or licensed as an appraiser to perform federally related appraisals in states and territories other than the state or territory in which they are certified or licensed,
- requires appraisers to meet competency requirements established in the Uniform Standards of Professional Appraisal Practice, and
- prohibits an appraiser who is only certified by a nationally recognized professional appraisal organization from performing federally related appraisals.
The bill also establishes requirements for qualifying education for these appraisers.
The bill expands the national registry of state certified and licensed appraisers to include credentialed trainees. The bill also allows state certified appraisers to use the assistance of a credentialed trainee or an unlicensed trainee.
Finally, under the bill, the subcommittee (1) must make grants to state certifying and licensing agencies for the purpose of addressing appraiser workforce needs, and (2) may decrease certain fees for appraisal management companies if the subcommittee determines that the fees result in adverse consequences or are not appropriately tailored.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Ruben Gallego D-AZOriginal
Who scored on this bill
- 1Kevin Cramer SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the Senate by Kevin Cramer.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.