Appraisers already approved are exempt from the new education requirement
What the document says“Subparagraph (C) of section 202(g)(5) of the National Housing Act (12 U.S.C. 1708(g)(5)), as added by subparagraph (A), shall not apply with respect to any certified appraiser approved by the Federal Housing Administration to conduct appraisals on property securing a mortgage to be insured by the Federal Housing Administration on or before the effective date described in paragraph (3)(C).”
The section provides that the new education requirement does not apply to a certified appraiser already approved by the Federal Housing Administration to appraise property securing an insured mortgage on or before the effective date of the implementing guidance.
What the document actually says“Subparagraph (C) of section 202(g)(5) of the National Housing Act (12 U.S.C. 1708(g)(5)), as added by subparagraph (A), shall not apply with respect to any certified appraiser approved by the Federal Housing Administration to conduct appraisals on property securing a mortgage to be insured by the Federal Housing Administration on or before the effective date described in paragraph (3)(C).”
One new rule does not reach every appraiser. It skips those already approved for this work. The cutoff is the day the guidance takes effect.
The skipped rule is the one about taking a course. People already doing the work keep their standing. New appraisers must take the course.
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