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

[liberated]

I love the Licensed level .Certified sounds snooty , don't you thnk???

Snooty?? I don't think so.

 

[LuckyLucy48]

Jim said: Personally, if I refinanced my house, I would much rather have a licensed or certified residential appraiser complete the assignment than a certified general appraiser, which is why I may never get my general since 95% of my work is residential and it is what I know best.

I had an old warhorse appraiser tell me one time that sending a Certified General to appraise a house was like having a brain surgeon tune a car.
I enjoy residential appraising but very rarely get to do it - for expert witness work only. And then, I get the input from the guys who do it everyday - the residential guys who stay on top of that market far better than I do.
T

 

[Roy Courtney]

Yep...all of the extra education and experience is JUST a waste of time! Let's just get licensed and no need to do more! What a joke!

 

[Mike Phillips]

Jim said: Personally, if I refinanced my house, I would much rather have a licensed or certified residential appraiser complete the assignment than a certified general appraiser, which is why I may never get my general since 95% of my work is residential and it is what I know best.

I had an old warhorse appraiser tell me one time that sending a Certified General to appraise a house was like having a brain surgeon tune a car. I enjoy residential appraising but very rarely get to do it - for expert witness work only. And then, I get the input from the guys who do it everyday - the residential guys who stay on top of that market far better than I do. T

my bold -

Then, after you earned your CG, you realized not one minute of residential experience was required to earn it, right? So what was the old warhorse talking about anyway?

 

[LuckyLucy48]

I thought the old coot meant having a CG was overkill for the typical residential assignment.
What do you think he meant?
T

 

[George Ellerman]

Here in Ohio we have 1079 certfied appraisers but 1525 licensed appraisers. Trust me that FHA will make provision for the licensed appraisers who are already FHA approved . The congressional bill makers are loosely using the word "certified" and ,IMO, are meaning to include or grandfather this large contingent of duly licensed appraisers.
Let's see what happens.

 

[Couch Potato]

The law says:

SEC. 1404. REVISED STANDARDS FOR FHA APPRAISERS.
Section 202(e) of the National Housing Act (12 U.S.C. 1708(e)) is amended by adding at the end the following:

‘‘(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; and​

‘‘(B) have demonstrated verifiable education in the appraisal requirements established by the Federal Housing Administration under this subsection.’’​

Not only must one be Certified, one must have proof of education related to FHA appraisal standards once the law goes into effect on October 1st.

The law makers are not loosely using the word "certified" as has been suggested. In fact there was at one time language inserted that added licensed appraisers which was latter removed. The use of the term "certified" was purposefully and knowledgeably done.

 

[Michigan CG]

In fact there was at one time language inserted that added licensed appraisers which was latter removed. The use of the term "certified" was purposefully and knowledgeably done.

Please elaborate Tater.

 

[Mike Phillips]

Here in Ohio we have 1079 certfied appraisers but 1525 licensed appraisers. Trust me that FHA will make provision for the licensed appraisers who are already FHA approved . The congressional bill makers are loosely using the word "certified" and ,IMO, are meaning to include or grandfather this large contingent of duly licensed appraisers.
Let's see what happens.

Unfortunately, I believe you are just about 100% correct. But also unfortunate, from your position, is that if they don't restrict it to the "already FHA approved (Licensed appraisers)" it will trigger a rush by the Trainees to get to Licensed level and get FHA approved as quickly as possible, which is not a good thing in any state.

This new bowl of cherries may prove too much for the Trainees who were previously content with their license level to resist - many are/were prepared to just fade away. But this just might be the motivation they need to make the jump. My guess is many would feel froggy and then we would end up with an even bigger supply of Licensed/Certified appraisers.

Unfortunately, you are right, we have to wait and see.

 

[TJSum]

The law says:Not only must one be Certified, one must have proof of education related to FHA appraisal standards once the law goes into effect on October 1st.

The law makers are not loosely using the word "certified" as has been suggested. In fact there was at one time language inserted that added licensed appraisers which was latter removed. The use of the term "certified" was purposefully and knowledgeably done.

Where are you getting this info? According to other sources such as the AI, they say this only applies to new appraisers.

If they wanted to be exact with their wording, why did they use the word certified when referring to Organizations, who offer designations and do not "certify"?

What do they consider proof of education? Passing the test that was required many years ago? A class on FHA guidelines, if so which ones and how many hours are needed?

Do the standards just apply to FHA deals done under this bill, or all FHA loans? (I just received an announcement from FHA looking for bidders on review work advertised to both licensed and certified appraisers).

Not questioning your info CP, just wondering where it is coming from and if you can provide links for more in depth info, because there seems to be many, many gray areas as of now...