This bill modernizes federal housing appraisal standards by allowing state-licensed appraisers to conduct appraisals for FHA-insured mortgages, a role previously restricted to federally certified appraisers. The legislation requires appraisers to meet existing education and competency standards, including completing FHA-specific training courses approved by the federal government or state agencies. The Department of Housing and Urban Development must issue guidance implementing these changes within 240 days of enactment, with the new rules taking effect 180 days later. Additionally, the bill permits certified appraisers to work with trainee appraisers on assignments, authorizes the Appraisal Subcommittee to adjust registry fees for appraisal management companies, and establishes grants for workforce development programs in the appraisal industry through state agencies, nonprofits, and colleges. These changes aim to increase appraiser supply and expand training opportunities while maintaining quality and professional standards.
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