Senate Passes Housing Bill--Does it have the Dodd Bond?

[Michigan CG]

Beginning on the date of enactment of the Federa lHousing Finance Regulatory Reform Act of 2008, any appraiser chosen or approved to conduct appraisals for mortgages under this title shall—

‘‘(A) be certified—

Wow, that is surprising....

 

[Greg Bell]

Wow, that is surprising....

Back up to see weasel clause..

 

[Bama Bayou]

Oh , wait a minute all I have to do is pay graft money to the appraisal institute , a weasel clause..see below..

) by the State in which the property to be appraised is located; or
‘‘(ii) by a nationally recognized professional appraisal organization;

The AI does not offer a "certified" designation nor do I expect them to do so in the future.

My state board would take a dim view of a licensed appraiser claiming to be "certified".

This is a strange provision in this bill. Is there any definition of "nationally recognized"?

As a practical matter you will have to be state certified and pass a test to do FHA work. This provision only applies to FHA, not Fanny or Freddie.

This provision was in the bill that passed the Senate and sent back to the house. I stated that it was in there in a previous post. Several other posters said it was not in there, but it was.

 

[moh malekpour]

‘‘(5) ADDITIONAL APPRAISER STANDARDS.—


Beginning on the date of enactment of the Federal Housing Finance Regulatory Reform Act of 2008, any appraiser chosen or approved to conduct appraisals for mortgages under this title shall—


‘‘(A) be certified—
‘‘(i) by the State in which the property to be appraised is located; or
‘‘(ii) by a nationally recognized professional appraisal organization

The key word is or not and
Appraiser has to be certified either by the state in which the property is located; or be certified by a nationally recognized professional organization.
It seems that it says the appraiser doesn't have to be certified by state if he or she is certified by a professional organization. It is reverting to pre licensing times

 

[Mike Kennedy]

H.R.R 3221 pages 402-403 PDF LINK ABOVE.......http://www.house.gov/apps/list/press/financialsvcs_dem/hr3221_bill_text.pdf


re APPRAISERS (no Appraiser Bond noted)


16

‘‘(8) APPRAISALS.—Any appraisal conducted in​

17 connection with a mortgage insured under this sec18​

tion shall—

19 ​

‘‘(A) be based on the current value of the​

20 ​

property;​

21 ​

‘‘(B) be conducted in accordance with title​

22 ​

XI of the Financial Institutions Reform, Recov23​

ery, and Enforcement Act of 1989 (12 U.S.C.

24 ​

3331 et seq.);​

VerDate 0ct 09 2002 18:23 Jul 22, 2008 Jkt 000000 PO 00000 Frm 00402 Fmt 6652 Sfmt 6201 C:\TEMP\HOUSEA~1.XML HOLCPC

July 22, 2008 (6:23 p.m.)

F:\PCC\H3221\HOUSEAMD2.XML
f:\V10\072208\072208.346.xml (410784|13)
403
1 ​

‘‘(C) be completed by an appraiser who​

2 ​

meets the competency requirements of the Uni3​

form Standards of Professional Appraisal Prac​

4​

tice;

5 ​

‘‘(D) be wholly consistent with the ap6​

praisal standards, practices, and procedures

7 ​

under section 202(e) of this Act that apply to​

8 ​

all loans insured under this Act; and​

9 ​

‘‘(E) comply with the requirements of sub10​

section (g) of this section (relating to appraisal​

11 independence).​

 

[Greg Bell]

I will need to find...................nationally recognized professional appraisal organization;

 

[Green Hornet]

Depends on the use of the word certified? It could be a broader use to include someone that the state has Certified as able to practice as an appraiser.

 

[tjcou812]

90% +- appraisers are already certified by the states they live in and if your on the HUD/FHA roster your good to go. IMHO thats what I believe it means.

 

[Bama Bayou]

90% +- appraisers are already certified by the states they live in and if your on the HUD/FHA roster your good to go. IMHO thats what I believe it means.

If you're certified, on the roster, and passed the test they used to give you will be good to go. If you are not certified you are not good to go. If you got on the roster recently and did not have to take a test you may not be good to go either.

 

[Michael Tipton]

Pages 402-3 appear to be the appraisal requirements for the FHA Hope loan program. Page 407 addressing appraisal independence is also associated with the Hope loan program.