Sen. Cramer and Sen. Gallego Introduce the Appraisal Industry Improvement Act to Help FHA Buyers
The Appraisal Industry Improvement Act is currently in the early stages of the legislative process. It was recently introduced in the Senate and sent to the Committee on Banking, Housing, and Urban Affairs for review. No further actions are scheduled at this time, but the bill remains active.
This bill has support from both parties and addresses a practical problem in the housing market. However, many housing bills struggle to get a final vote unless they are part of a larger package.
Adding USDA's Rural Housing Service to the Appraisal Subcommittee gives rural communities a stronger voice in appraisal policy. In areas where appraiser shortages are worst, expanding the pool of eligible appraisers could help speed up rural home purchases and refinancing.
“the Rural Housing Service of the Department of Agriculture”
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
No votes have been recorded for this legislation yet.
The Senate Banking Committee unanimously approved the ROAD to Housing Act, which includes the Appraisal Industry Improvement Act. Section 403 of the bill bolsters appraiser workforce capacity by allowing both licensed and credentialed appraisers to conduct appraisals for FHA-insured loans.
This bipartisan bill, co-authored by Rep. Janelle Bynum, aims to address the nationwide shortage of licensed home appraisers. It would allow state-licensed appraisers to perform FHA appraisals and institutionalize a trainee-supervisor structure to grow the next generation of workers.
Representatives Janelle Bynum and Byron Donalds introduced legislation to authorize state-licensed appraisers to conduct FHA appraisals. The measure also seeks to add credentialed trainee appraisers to the national registry and provide grants for appraiser certification and licensing.
Document Type
Congressional Bill
Official Title
Appraisal Industry Improvement Act
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