The House Financial Services Committee passed two bills on Thursday aimed at appraisal-related issues. The bills passed via voice votes, indicating bipartisan support.
H.R. 2852, the Homebuyer Assistance Act, would allow state-licensed appraisers to complete appraisals for FHA mortgages. Currently, only state-certified appraisers can complete appraisals for FHA mortgages. The bill will align FHA appraiser licensing-requirements with requirements set by the government-sponsored enterprises.
“This legislation would allow lenders to address supply shortages by expanding their appraiser pools, which in turn will reduce consumer costs and shorten delays that have occurred in many markets,” said Bill Killmer, a senior vice president of legislative and political affairs at the Mortgage Bankers Association.
The committee also passed H.R. 3619, the Appraisal Fee Transparency Act. The bill would create a national registry of appraisers in training and increase transparency regarding fees paid for appraisals, among other provisions.
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