Expanding Appraiser Eligibility and Training for FHA-Insured Mortgages.
This law expands the pool of professionals who can appraise properties for mortgages insured by the Federal Housing Administration (FHA) by including State-licensed appraisers. It mandates specific education on FHA requirements to ensure appraisal quality and potentially speed up the home buying process. Furthermore, the act supports the growth of the appraisal workforce by formally including trainees in the national registry and providing grants for training programs.
Key points
State-licensed appraisers are now authorized to conduct appraisals for FHA-insured mortgages, potentially reducing appraisal wait times for homebuyers.
New mandatory education requirements ensure appraisers understand specific FHA valuation rules, leading to more consistent and accurate property assessments.
The law formally includes State credentialed trainee appraisers in the national registry and provides grants to boost the appraisal workforce.
Status:
Introduced
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