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

[Hamlet]

If you and your cat have recently been "certified" by the National Association of Real Estate Appraisers you will be out of luck.

It would be funny if the NAREA "certified" appraisers were acceptable after all the effort the AI has put into pressuring this appraisal legislation at every stage!

:laugh:

That is what makes being certified by an organization meaningless, unless the appraisal organizations are going to work together to make standards for all.

This provision was not well thought out and will probably be changed, IMO. So much for the the AI pushing their agenda on that score.

 

[timd354]

The statute sets the minimum acceptable standards. FHA can set rules that are higher than the standard in the statute, just not lower. If the FHA wants to only take appraisals from Certified General appraisers with 20 years experience, they can do that and be in compliance with the statute.

I am certified in Maryland, so I have no dog in this fight, but I see nowhere in the statute where the FHA authorized to set any regulations which specify different requirements from those that are are listed in the statute....the FHA and any government agencies can only issue regualtions as authorized by statute...any regualtions which impose additional regulations other than authorized by statute will be open to legal challenge.

 

[timd354]

The statute sets the minimum acceptable standards. FHA can set rules that are higher than the standard in the statute, just not lower. If the FHA wants to only take appraisals from Certified General appraisers with 20 years experience, they can do that and be in compliance with the statute.

That is just an incorrect statement...the FHA is cannot make any regulations regarding anything whatsoever, except as authorized by statute....if you can find any enabling language in the statute that allows the FHA to promulgate any regulations that change or increase the statutory standards regarding this issue, please point that langauge out.

 

[TJSum]

"Can you give me a link to the AI's interpretation of this that says it's for new appraisers only? " Quote from Bama Bayou.

I was just stating what had been posted in post #112. If the AI says it is only for new appraisers I would think they have some inside info seeing how they are probably the ones who got the option of a certified (designation) from a private organization added to the bill.

 

[Couch Potato]

That is just an incorrect statement...the FHA is cannot make any regulations regarding anything whatsoever, except as authorized by statute....if you can find any enabling language in the statute that allows the FHA to promulgate any regulations that change or increase the statutory standards regarding this issue, please point that langauge out.

It's the same language they have used for years to set standards. The new language is an addition to, not a substitute for, the existing laws under which FHA operates. 12 U.S.C. 1708 (e) 4 A would be the specific part that allows HUD to set standards for appraisers on their fee panel. The addition of 12 U.S.C. 1708 (e) 5 by HR 3221 merely sets an additional minimum acceptable standard.

 

[Bama Bayou]

I am certified in Maryland, so I have no dog in this fight, but I see nowhere in the statute where the FHA authorized to set any regulations which specify different requirements from those that are are listed in the statute....the FHA and any government agencies can only issue regualtions as authorized by statute...any regualtions which impose additional regulations other than authorized by statute will be open to legal challenge.

My bold.

If you pay taxes you have a dog in this fight. FHA can set any additional requirements they want but the minimum is going to be state certified or a Tobias The Cat "certification" from a diploma mill. Best guess here is that certified will be the standard.

I bet that the NAREA's phones will be ringing off the wall and they will be glad to take your money. You and your cats. They are the most discredited appraisal organization on the planet.

The AI tried to pull one off here and it backfired. They have been PO'd ever since Doug Bernard, congressman from Ga, placed a stipulation in FIRREA that prohibited using a designation as the sole requirement for hiring appraisers in a FRT.

This attempt to get rid of that prohibition was very lame. They are not getting their moneys worth out of their lobbyist.

 

[LuckyLucy48]

There is another organization, NAMA, that will give you that piece of parchment, as well........don't know what the letters stand for. They provide "certification" also. We got one for my dog, Ida Ella, sometime in the 1990's..........She sure did enjoy those inspections!!!
T

 

[George Ellerman]

Would a certification like this be ok for FHA ?

View attachment 15653

 

[TonyB]

President Singed it

There has been a lot of good information and good discussion on here about the upcomng changes. Now that the President signed the Bill into Law, does anyone know how to find out what the version he signed looks like? When you google it you find that there have been multiple different versions along the way by different titles. I am just curious if all of the points discussed here even made it into the final version.

 

[TonyB]

What does the new law do to the Cuomo Deal?

I am also curious what effect this new law will have on the Cuommo Deal. Any insight?