Appraisal Industry Improvement Act
Sponsor
Full profile: /officials/C001096
Source: Congress.gov · FEC
Cosponsors (1)
Members who have signed on to support this bill since introduction. Source: Congress.gov.
Latest Action
The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2025-05-07
Source: Congress.gov
Committee Activity
Currently in
- Senate Committee on Banking, Housing, and Urban AffairsReferred To · 2025-05-07
Previously
- Banking, Housing, and Urban Affairs CommitteeReferred To · 2025-05-07
Plain-English Summary
Appraisal Industry Improvement Act 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 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.
Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.
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