National Online Portal for Real Estate Appraiser Licensing and Background Checks
This law establishes a single, nationwide online system (The Portal) for real estate appraisers and appraisal management companies (AMCs) to submit license applications and renewals. The goal is to streamline the licensing process, standardize criminal background checks, and ensure that property valuation professionals are properly qualified. While primarily affecting the industry, these changes aim to indirectly contribute to greater stability and reliability in property valuations, which is essential for mortgage lending.
Key points
Creation of a central, cloud-based portal serving as the sole location for appraisers and AMCs to apply for and renew licenses and registrations across states.
Implementation of a standardized system for criminal history background checks for appraisers, utilizing the FBI, enhancing the security and credibility of professionals.
The Portal will centralize all qualification data, including completed education and exam results, allowing state agencies faster access to information for licensing decisions.
Expired
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