Federal - HR 2852

A bill to amend the National Housing Act to authorize State-licensed appraisers to conduct appraisals in connection with mortgages insured by the FHA and to require compliance with the existing appraiser education requirement, and for other purposes.

Introduced

May 20, 2019

Description

A bill to amend the National Housing Act to authorize State-licensed appraisers to conduct appraisals in connection with mortgages insured by the FHA and to require compliance with the existing appraiser education requirement, and for other purposes.

Our Position

Monitoring

Original Sponsor 1

Co-Sponsors 2

Latest Actions See More/Less

  • Sept. 11, 2019 — Received in the Senate and referred to the Senate Banking, Housing and Urban Affairs Committee. Congressional Record p. S5443

  • Sept. 10, 2019 — Measure, as amended, passed in the House by roll call vote, 419-5, under suspension of the rules (two-thirds vote required). Congressional Record p. H7585-H7586

  • Sept. 10, 2019House Vote 519 Housing Mortgage Appraisal — Passage
    San Nicolas, D-Guam, motion to suspend the rules and pass the bill, as amended, that would authorize state-licensed appraisers to conduct appraisals for single-family homes purchased by Federal Housing Administration-insured mortgages. (Under current law, such appraisers must be state-certified.) It would require state-licensed appraisers for single-family housing mortgages to complete a course consisting of at least 7 hours of training related to FHA appraisal requirements. It would require HUD to issue guidance to mortgage lenders outlining how to implement these provisions. Motion agreed to 419-5. Note: A two-thirds majority of those present and voting (283 in this case) is required for passage under suspension of the rules. Congressional Record p. H7572-H7573, H7585-H7586

  • Sept. 9, 2019 — Additional cosponsor(s): 1

    Taylor, V. (R-Texas)
  • July 11, 2019 — Full committee consideration and markup held by the House Financial Services Committee.

    July 11, 2019 — Committee Vote: FHA Home Appraisals — Substitute Amendment
      Sherman, D-Calif. —

    Substitute amendment that would give the secretary of Housing and Urban Development an additional 60 days to issue a mortgage letter or guidance to implement standards that would require appraisers for a mortgage for single-family housing to be certified or licensed by the state in which the property to be appraised is located and that appraisers for a mortgage for multifamily housing be certified by the state in which the property to be appraised is located.

    Substitute amendment that would give the secretary of Housing and Urban Development an additional 60 days to issue a mortgage letter or guidance to implement standards that would require appraisers for a mortgage for single-family housing to be certified or licensed by the state in which the property to be appraised is located and that appraisers for a mortgage for multifamily housing be certified by the state in which the property to be appraised is located.

    Adopted by voice vote.

    July 11, 2019 — Committee Vote: FHA Home Appraisals — Vote to Report

    Change the property appraisal requirements for mortgages backed by the Federal Housing Administration by allowing licensed appraisers to conduct appraisals for such mortgages, rather than only certified appraisers.

    As amended, it would require the secretary of Housing and Urban Development, within 240 days of the bill's enactment, to issue a mortgagee letter or guidance to implement standards that would require appraisers for a mortgage for single-family housing to be certified or licensed by the state in which the property to be appraised is located and that appraisers for a mortgage for multifamily housing be certified by the state in which the property to be appraised is located. It also would require that such guidance take effect within 180 days of the issuance of such letter or guidance.

    Change the property appraisal requirements for mortgages backed by the Federal Housing Administration by allowing licensed appraisers to conduct appraisals for such mortgages, rather than only certified appraisers.

    As amended, it would require the secretary of Housing and Urban Development, within 240 days of the bill's enactment, to issue a mortgagee letter or guidance to implement standards that would require appraisers for a mortgage for single-family housing to be certified or licensed by the state in which the property to be appraised is located and that appraisers for a mortgage for multifamily housing be certified by the state in which the property to be appraised is located. It also would require that such guidance take effect within 180 days of the issuance of such letter or guidance.

    Ordered reported favorably to the full House (as amended) by voice vote.
  • June 27, 2019 — Additional cosponsor(s): 1

    Duffy, (R-Wis.)
  • May 20, 2019 — Read twice and referred to: House Financial Services.Congressional Record p. H4010