Sec. 2. Appraisal standards
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/bill/119/hr/6025/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 202(g)(5) of the National Housing Act ( 12 U.S.C. 1708(g)(5) ) is amended— by moving the paragraph two ems to the left; and by striking subparagraphs
(A)and
(B)and inserting the following: be certified or licensed by the State in which the property to be appraised is located, except that a Federal employee who has as their primary duty conducting appraisal-related activities and who chooses to become a State-licensed or certified real estate appraiser need only to be licensed or certified in 1 State or territory to perform appraisals on mortgages insured by the Federal Housing Administration in all States and territories; meet the requirements under the competency rule set forth in the Uniform Standards of Professional Appraisal Practice before accepting an assignment; and have demonstrated verifiable education in the appraisal requirements established by the Federal Housing Administration under this subsection, which shall include the completion of a course or seminar that educates appraisers on those appraisal requirements, which shall be provided by— the Federal Housing Administration; or a third party, so long as the course is approved by the Secretary or a State appraiser certifying or licensing agency. . 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 under paragraph (3)(C). On and after the effective date under 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 appraiser is in compliance with the requirements under subparagraphs
(A)and
(B)of section 202(g)(5) of such Act ( 12 U.S.C. 1708(g)(5) ), as amended by paragraph (1); and if the appraiser was not approved by the Federal Housing Administration to conduct appraisals on mortgages insured by the Federal Housing Administration before the date on which the mortgagee letter or guidance take effect under paragraph (3)(C), the appraiser is in compliance with subparagraph
(C)of such section 202(g)(5). 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 shall— implement the amendments made by paragraph (1); clearly set forth all of the specific requirements under section 202(g)(5) of the National Housing Act ( 12 U.S.C. 1708(g)(5) ), as amended by paragraph (1), for approval to conduct appraisals on property secured by a mortgage to be insured by the Federal Housing Administration, which shall include— providing that, before the effective date of the mortgagee letter or guidance, compliance with the requirements under subparagraphs (A), (B), and
(C)of such section 202(g)(5), as amended by paragraph (1), shall be considered to fulfill the requirements under such subparagraphs; and providing a method for appraisers to demonstrate such prior compliance; and take effect not later than the date that is 180 days after the date on which the Secretary issues the mortgagee letter or guidance.
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Sec. 2
Appraisal standards
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