Appraisal Industry Improvement Act

Appraisal Industry Improvement Act This bill revises the eligibility criteria for real estate appraisers who are authorized to perform appraisals for federally related mortgage loans. As background, the Federal Financial Institutions Examination Council’s Appraisal Subcommittee oversees state licensing and certification of appraisers and maintains a registry of appraisers who are eligible to perform federally related appraisals—those tied to mortgages involving federally insured banks, federally backed programs (e.g., programs administered by the Federal Housing Administration), or government sponsored enterprises (e.g., Fannie Mae). The bill allows federal employees who are state certified…