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Expanding Appraiser Access and Improving Standards for FHA Mortgages.

This law aims to increase the pool of available appraisers for mortgages insured by the Federal Housing Administration (FHA), potentially speeding up the home buying process. It mandates new, verifiable education requirements specifically on FHA standards to ensure higher quality and consistency in property valuations. Furthermore, the act formalizes the role of trainee appraisers, supporting workforce development in the appraisal industry.
Key points
State-licensed appraisers can now conduct appraisals for FHA-insured mortgages, increasing appraiser availability for homebuyers.
New mandatory education on FHA requirements ensures more accurate and reliable property valuations for FHA loans.
Trainee appraisers are formally recognized and included in the national registry, supporting the future growth of the appraisal workforce.
Grants are authorized to support training and education activities for state appraiser agencies.
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Additional Information
Print number: 118_S_3902
Sponsor: Sen. Tester, Jon [D-MT]
Process start date: 2024-03-11
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OFFICIAL LEGAL TITLE

Appraisal Industry Improvement Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3902.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-03-11.

What are the main provisions?

Key points include:

  • State-licensed appraisers can now conduct appraisals for FHA-insured mortgages, increasing appraiser availability for homebuyers.
  • New mandatory education on FHA requirements ensures more accurate and reliable property valuations for FHA loans.
  • Trainee appraisers are formally recognized and included in the national registry, supporting the future growth of the appraisal workforce.
  • Grants are authorized to support training and education activities for state appraiser agencies.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Tester, Jon [D-MT].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Real Estate Economy