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Senate Legislation Introduced to Increase Number of Real Estate Appraisers

Jun 06, 2019
The Appraisal Foundation has announced that Senator John Thune (R-SD) introduced legislation in the U.S. Senate to improve the process of obtaining Federal Housing Administration (FHA)- insured mortgages and increase the number of real estate appraisers, particularly in rural areas that face severe shortages.

According to The Appraisal Foundation, SB 1722 will allow licensed real estate appraisers to once again perform FHA appraisals. Currently, only certified appraisers, who must meet higher qualifications, are the only appraisers permitted to perform the work as a result of National Housing Act of 2008. Prior to passage of that law, FHA-backed mortgage appraisals could be conducted by both certified and licensed appraisers.