Appraisal Industry Improvement Act

Tester, Jon

Appraisal Industry Improvement ActThis bill revises the federal regulation of real estate appraisers by expanding eligibility criteria to perform appraisals, specifying training requirements, and providing for grants. The Federal Financial Institutions Examination Council’s Appraisal Subcommittee oversees state licensing and certification of appraisers and maintains a registry of appraisers eligible to perform appraisals tied to mortgages involving federally backed programs, federally insured banks, or government sponsored enterprises.The bill allows federal employees who are certified or licensed as an appraiser to perform appraisals in states and territories other than the state or territory in which they are certified or licensed. The bill also provides requirements for qualifying education for appraisers.The bill expands the national appraiser registry to include trainees with state credentials.The bill allows the Appraisal Subcommittee to make grants to state appraiser certifying and licensing agencies for the purpose of addressing appraiser workforce needs. The bill also adds representation on the subcommittee from the Department of Veterans Affairs, the Rural Housing Service of the Department of Agriculture, and the Department of Housing and Urban Development.