From NAR
NAR has long advocated for improvements in the appraisal process to promote fairness and meet the needs of a dynamic housing market. A new bill, the Appraisal Industry Improvement Act (S. 1635), has been introduced in the Senate, focusing on modernizing the appraisal profession and increasing diversity within the industry.
Key Provisions:
- Adds appraiser trainees to the national registry to support workforce development.
- Allows licensed appraisers to conduct FHA appraisals, expanding opportunities in the profession.
- Grants the Appraisal Subcommittee (ASC) the authority to reduce fees for Appraisal Management Companies (AMCs).
- Includes representatives from the VA and USDA on the ASC board.
- Expands ASC grants to enhance workforce development and training initiatives.
The bill is currently under review by the Senate Committee on Banking, Housing, and Urban Affairs.
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