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H.R. 2852: Homebuyer Assistance Act of 2019

The text of the bill below is as of May 20, 2019 (Introduced).


I

116th CONGRESS

1st Session

H. R. 2852

IN THE HOUSE OF REPRESENTATIVES

May 20, 2019

introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the National Housing Act to authorize State-licensed appraisers to conduct appraisals in connection with mortgages insured by the FHA and to require compliance with the existing appraiser education requirement, and for other purposes.

1.

Short title

This Act may be cited as the Homebuyer Assistance Act of 2019.

2.

Appraiser standards

(a)

Certification or licensing

Paragraph (5) of section 202(g)(5) of the National Housing Act (12 U.S.C. 1708(g)(5)) is amended—

(1)

by striking subparagraph (A) and inserting the following new subparagraph:

(A)

be certified or licensed by the State in which the property to be appraised is located; and

; and

(2)

in subparagraph (B), by inserting before the period at the end the following: , which shall include completion of a course or seminar that consists of not less than 7 hours of training regarding such appraisal requirements and is approved by the Course Approval Program of the Appraiser Qualification Board of the Appraisal Foundation or a State appraiser certifying and licensing agency.

(b)

Compliance with verifiable education requirements

Effective beginning on the date of the effectiveness of the mortgagee letter or other guidance issued pursuant to subsection (c) of this section, notwithstanding any choice or approval of any appraiser made before such date of enactment, no appraiser may conduct an appraisal for any mortgage insured under title II of the National Housing Act (12 U.S.C. 1707 et seq.) unless such appraiser is in compliance with all of the requirements under section 202(g)(5) of such Act (12 U.S.C. 1708(g)(5)), as amended by subsection (a) of this section, including the requirement under subparagraph (B) of such section 202(g)(5) (relating to demonstrated verifiable education in appraisal requirements).

(c)

Implementation

Not later than the expiration of the 180-day period beginning on the date of the enactment of this Act, the Secretary of Housing and Urban Development shall issue a mortgagee letter or other guidance that shall—

(1)

implement the amendments made by subsection (a) of this section;

(2)

clearly set forth all of the specific requirements under section 202(g)(5) of the National Housing Act (as amended by subsection (a) of this section) for approval to conduct appraisals under title II of such Act, which shall include—

(A)

providing that the completion, prior to the effective date of such mortgagee letter or guidance, of training meeting the requirements under subparagraph (B) of such section 202(g)(5) (as amended by subsection (a) of this section) shall be considered to fulfill the requirement under such subparagraph; and

(B)

providing a method for appraisers to demonstrate such prior completion; and

(3)

take effect not later than the expiration of the 180-day period beginning upon issuance of such mortgagee letter or guidance.