This part is about the people who set the value of a home. It changes what they must show before they take this work. It adds trainees to a national list. A trainee may help, but the senior person answers for the work. Money may also go to schools to train new ones.
The document says “is amended”Who acts: CongressHow: statuteSec. 403 in the PDF
What the document says
“``(B) meet the requirements under the competency rule set forth in the Uniform Standards of Professional Appraisal Practice before accepting an assignment; and”
The section replaces subparagraphs (A) and (B) of section 202(g)(5) of the National Housing Act. An appraiser must be certified or licensed by the State where the property sits, except that a federal employee whose main duty is appraisal work and who chooses to be State licensed need be licensed in only one State or territory to appraise on Federal Housing Administration insured mortgages anywhere. The appraiser must meet the competency rule in the Uniform Standards of Professional Appraisal Practice before taking an assignment, and must have verifiable education in the Administration's appraisal requirements through a course from the Administration or an approved third party.
What the document actually says
“``(B) meet the requirements under the competency rule set forth in the Uniform Standards of Professional Appraisal Practice before accepting an assignment; and”
That sentence, in plain words
The appraiser must meet a competency rule before taking a job. That rule sits in a national set of standards for the work.
What this is about
An appraiser puts a value on a home. The rule asks whether the person knows that kind of property and place. It must be met before the work starts.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “shall not”Who acts: Federal Housing AdministrationHow: statuteSec. 403 in the PDF
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).”
That sentence, in plain words
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.
What this is about
The skipped rule is the one about taking a course. People already doing the work keep their standing. New appraisers must take the course.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “may not”Who acts: appraisersHow: statuteSec. 403 in the PDF
What the document says
“On and after the effective date described in paragraph (3)(C), no appraiser may conduct an appraisal on a property securing a mortgage to be insured by the Federal Housing Administration unless--”
The section bars any appraiser, from the effective date of the implementing guidance, from appraising property securing a Federal Housing Administration insured mortgage unless the appraiser meets the certification and competency requirements, and, where the appraiser was not already approved before that date, the education requirement as well.
What the document actually says
“On and after the effective date described in paragraph (3)(C), no appraiser may conduct an appraisal on a property securing a mortgage to be insured by the Federal Housing Administration unless--”
That sentence, in plain words
From a set date, a rule takes hold. No appraiser may value a home for one of these loans. That holds unless the person meets the tests.
What this is about
The date comes from the paper the housing agency puts out. Two tests apply to all. A third applies only to those new to the work.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “shall”Who acts: Secretary of Housing and Urban DevelopmentHow: statuteSec. 403 in the PDF
What the document says
“Not later than the 240 days after the date of enactment of this Act, the Secretary of Housing and Urban Development shall issue a mortgagee letter or guidance that--”
The section requires the Secretary of Housing and Urban Development to issue a mortgagee letter or guidance within 240 days of enactment implementing the amendments and setting out clearly all the requirements for approval to appraise property securing an insured mortgage. The guidance must provide that compliance with the requirements before its effective date counts as fulfilling them, give a method for appraisers to show that earlier compliance, and take effect no later than 180 days after it is issued.
What the document actually says
“Not later than the 240 days after the date of enactment of this Act, the Secretary of Housing and Urban Development shall issue a mortgagee letter or guidance that--”
That sentence, in plain words
The housing agency must put out a letter or guidance. It has 240 days after this law passes. The paper puts the changes into practice.
What this is about
A mortgagee letter is how the agency tells lenders a rule. This one must list each thing plainly. It starts within 180 days of the day it goes out.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “can”Who acts: Appraisal SubcommitteeHow: statuteSec. 403 in the PDF
What the document says
“``Subject to the approval of the Council, the Appraisal Subcommittee may adjust fees established under clause (i) or (ii) to carry out its functions under this Act.''.”
The section amends section 1109(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to let the Appraisal Subcommittee, with the Council's approval, adjust the fees set under the clauses named there so as to carry out its functions.
What the document actually says
“``Subject to the approval of the Council, the Appraisal Subcommittee may adjust fees established under clause (i) or (ii) to carry out its functions under this Act.''.”
That sentence, in plain words
A federal panel may change certain fees. It must get the approval of the wider council first. The point is to fund the work it must do.
What this is about
The panel keeps a national register of appraisal firms. Fees pay for that work. Before this the amounts were fixed by law.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “is amended”Who acts: CongressHow: statuteSec. 403 in the PDF
What the document says
“by inserting ``and State credentialed trainee appraisers'' after ``licensed appraisers''; and”
The section amends section 1103(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to add State credentialed trainee appraisers alongside licensed appraisers, strikes paragraph (4), and redesignates and rewords the paragraphs that follow.
What the document actually says
“by inserting ``and State credentialed trainee appraisers'' after ``licensed appraisers''; and”
That sentence, in plain words
New words go into an older law. They come after words about licensed appraisers. They add appraisers in training who hold a state credential.
What this is about
The national register lists people cleared to appraise. Trainees were not on it before. Now they are.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “is amended”Who acts: StatesHow: statuteSec. 403 in the PDF
What the document says
“``(2) transmit reports on the issuance and renewal of licenses, certifications, credentials, sanctions, and disciplinary actions, including license, credential, and certification revocations, on a timely basis to the national registry of the Appraisal Subcommittee;''.”
The section amends section 1109 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, changing the section heading to cover credentialed trainees, requiring a State with a supervisory or trainee program to keep a roster of individuals who hold a State trainee credential, and replacing paragraph (2) with a duty to send reports on the issue and renewal of licenses, certifications, credentials, sanctions, and disciplinary actions, including revocations, to the national registry in good time.
What the document actually says
“``(2) transmit reports on the issuance and renewal of licenses, certifications, credentials, sanctions, and disciplinary actions, including license, credential, and certification revocations, on a timely basis to the national registry of the Appraisal Subcommittee;''.”
That sentence, in plain words
A state must send in reports on the papers it grants. That covers licenses and any punishment given. Taking a paper away counts too. The reports go to the national list at once.
What this is about
The register is kept by a federal panel. It shows who may appraise and who may not. Nothing here forces a state to run a trainee program.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “can”Who acts: State certified appraisersHow: statuteSec. 403 in the PDF
What the document says
“In performing an appraisal under this section, a State certified appraiser may use the assistance of a State credentialed trainee appraiser or an unlicensed trainee appraiser, except that the State certified appraiser assisted by a trainee shall be liable for appraisal and valuation work.”
The section adds a new subsection to section 1113 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 letting a State certified appraiser use the help of a State credentialed trainee or an unlicensed trainee, while leaving the certified appraiser liable for the appraisal and valuation work.
What the document actually says
“In performing an appraisal under this section, a State certified appraiser may use the assistance of a State credentialed trainee appraiser or an unlicensed trainee appraiser, except that the State certified appraiser assisted by a trainee shall be liable for appraisal and valuation work.”
That sentence, in plain words
A certified appraiser may get help from a trainee. The trainee may hold a state credential or none. The certified appraiser still answers for the work.
What this is about
This is how new appraisers learn the job. The senior person signs off. If the value is wrong, that person is on the hook.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
“``(A) meets the minimum criteria established by the Appraiser Qualification Board for a trainee appraiser credential; and ``(B) is credentialed by a State appraiser certifying and licensing agency.''.”
The section adds a definition to section 1121 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989: a State credentialed trainee appraiser is a person who meets the minimum criteria the Appraiser Qualification Board sets for a trainee credential and is credentialed by a State appraiser certifying and licensing agency.
What the document actually says
“``(A) meets the minimum criteria established by the Appraiser Qualification Board for a trainee appraiser credential; and ``(B) is credentialed by a State appraiser certifying and licensing agency.''.”
That sentence, in plain words
The person must meet the least criteria a national board sets. The person must also hold a paper from a state office.
What this is about
Both tests must be met. One is national and one is at the state level. A person who fails either is not a credentialed trainee.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “is amended”Who acts: Appraisal SubcommitteeHow: statuteSec. 403 in the PDF
What the document says
“``(7) to make grants to State appraiser certifying and licensing agencies and post-secondary institutions, including trade and polytechnic schools, to support the carrying out of education and training activities or other activities related to addressing appraiser industry workforce needs”
The section adds a new paragraph (7) to section 1109(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 allowing grants to State appraiser certifying and licensing agencies and to colleges, trade schools, and polytechnics for education and training and other work addressing appraiser workforce needs, including recruiting and keeping talent through scholarship help and career pipeline development. Agencies receiving the money must report on its use and outcomes.
What the document actually says
“``(7) to make grants to State appraiser certifying and licensing agencies and post-secondary institutions, including trade and polytechnic schools, to support the carrying out of education and training activities or other activities related to addressing appraiser industry workforce needs”
That sentence, in plain words
Money may go to state appraisal offices and to schools. Trade schools count. It pays for teaching and training. The point is to meet the need for appraisers.
What this is about
The money can also pay for scholarships. It can build a path into the job. Agencies that take it must report on what it did.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “is amended”Who acts: CongressHow: statuteSec. 403 in the PDF
What the document says
“by inserting ``the Department of Veterans Affairs, the Rural Housing Service of the Department of Agriculture, the Department of Housing and Urban Development,'' after ``Financial Protection,''.”
The section amends section 1011 of the Federal Financial Institutions Examination Council Act of 1978 to add the Department of Veterans Affairs, the Rural Housing Service of the Department of Agriculture, and the Department of Housing and Urban Development to the bodies named in the first sentence.
What the document actually says
“by inserting ``the Department of Veterans Affairs, the Rural Housing Service of the Department of Agriculture, the Department of Housing and Urban Development,'' after ``Financial Protection,''.”
That sentence, in plain words
Three names go into an older law. One is the office for veterans. One is a rural housing office. One is the housing agency.
What this is about
That sentence names who sits on an appraisal panel. All three of these back home loans. Now they have a seat.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
Each distinct thing the section does: the new certification, competency, and education requirements for appraisers on Federal Housing Administration insured mortgages, the exemption for appraisers already approved, the bar on appraising without meeting the requirements, the implementation guidance and its effective date, the power to adjust registry fees, the addition of State credentialed trainee appraisers to the national registry and the fee provisions, the rule that no State must run a trainee program, the use of trainees by a certified appraiser and where liability falls, the definition of a State credentialed trainee appraiser, the new grant purpose, and the added members of the Appraisal Subcommittee.
Purely mechanical amendments, such as moving a paragraph on the page, redesignating paragraphs, or striking an ``and'' at the end of a list, are recorded only where they change what somebody must do.
The section works by amending the National Housing Act, the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and the Federal Financial Institutions Examination Council Act of 1978. None of those is indexed here, so nothing is recorded about the national registry, the Appraisal Subcommittee, or the Uniform Standards of Professional Appraisal Practice.
