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.
Status:
Expired
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