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Housing bill New requirements for FHA appraisers

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K.P. Taylor

Freshman Member
Joined
Jul 22, 2005
Professional Status
Certified Residential Appraiser
State
New Mexico
There is a new bill going through the Senate that is changing requirements for FHA appraisers. Found it first on the institute web site. The bill states "any appraiser chosen or approved to conduct appraisals for mortgage 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;"

Copy of the amendment at http://banking.senate.gov/public/_files/ManagersAmendmenttoGSEBill.pdf
go to page 26 of the PDF file.

I think this would be in violation of State Laws that require a state license to appraise as it seems to mean that if an appraiser is a member of an organization they could be approved for FHA appraisals in any state.

What say you.
 
Last edited:

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
There is a new bill going through the Senate that is changing requirements for FHA appraisers. Found it first on the institute web site. The bill states "any appraiser chosen or approved to conduct appraisals for mortgage 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;"

Copy of the amendment at http://banking.senate.gov/public/_files/ManagersAmendmenttoGSEBill.pdf
go to page 26 of the PDF file.

I think this would be in violation of State Laws that require a state license to appraise as it seems to mean that if an appraiser is a member of an organization they could be approved for FHA appraisals in any state.

What say you.


I cant imagine anyone with a desgination not being certified as all states require it. I also think the home state rule would remain in force.
 

Lobo Fan

Elite Member
Joined
Nov 28, 2004
Professional Status
Certified Residential Appraiser
State
New Mexico
The Appraisal Institute is trying to make having an AI designation a requirement for lenders. Right now lenders cannot require a designation, though they can show a preference.
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
I think AI is trying to get their members automatically accepted ... not make a designation a requirement. They know with licensing and certification a designation cannot be a requirement but they are hopeful it will result in an automatic "inclusion" onto the list.
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
it seems to mean that if an appraiser is a member of an organization they could be approved for FHA appraisals in any state

KP,

No, I don't read it as meaning that.

Depending on which designations they are talking about, the well known ones all require certifications anyway, so the designated group would just be a subset of the certified group. That is not a technical advantage for the designations, just one of those "chipping away" types of honorable mention that the big appraiser orgs like to get into the books every chance they get.

However, I don't see any defining language as to which designations or which orgs are ment in that item. I suppose there could be some licensed level designations out there that could slip through.

Their ultimate goal is to codify some work to be exclusive for their designees but they aren't anywhere near that, yet. The "chipping away" that takes place through these "honorable mention" appearances in laws and regs is valuable as a tool to condition lawmakers and regulators to their inclusion into the language.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Maybe it was meant for properties UNDER the deminimus of $250,000.
 
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