Appraisal Institute Applauds Congress for Passing Housing Bill
July 29, 2008 08:00 AM
WASHINGTON, D.C. (July 29, 2008) – The nation’s largest organization of professional real estate appraisers, the Appraisal Institute, applauded enactment of House Resolution 3221 (H.R. 3221), a law passed by Congress last weekend and signed by President Bush today, that contains several large housing related initiatives, including the housing regulatory overhaul of mortgage giants Fannie Mae and Freddie Mac, and a modernization of the Federal Housing Administration (FHA). In addition, H.R. 3221 contains provisions that reinforce the importance of competently prepared real estate appraisals to the mortgage lending process.
"We applaud Congress for turning to highly qualified real estate appraisers to handle critical real estate valuation questions facing homeowners and financial institutions in today’s mortgage market,” said Bill Garber, Director of Government and External Relations for the Appraisal Institute. “Our organization believes that quality valuations performed by competent and ethical appraisers are an essential part of government guaranteed loans and we’re delighted that Congress has taken steps to ensure the government’s lending policies are safeguarded."
H.R. 3221 is notable in that its provisions require and recognize the benefit of highly competent and qualified appraisers. The bill’s foreclosure prevention program calls for using appraisals to write down loans to their current market value. Furthermore, the bill raises the bar to become an FHA-approved appraiser by requiring all appraisers who perform valuations for FHA-backed loans to be state certified or professionally designated and to have demonstrated verifiable education in FHA appraisal requirements. Thirdly, the bill strengthens the existing FHA single family appraisal program by prohibiting coercion of appraisers by all parties involved in a real estate transaction, including lenders, brokers, appraisal management companies and others.
“From modernizing the FHA, to helping neighborhoods hit by the foreclosure crisis, H.R. 3221 is a strong response to the current housing crisis,” noted Garber. “We look forward to working with FHA, other federal agencies, consumers and lenders on its swift implementation.”
For more information on H.R. 3221 and other legislative issues impacting appraisers, visit the Appraisal Institute’s Web site at www.appraisalinstitute.org or contact Bill Garber, Director of Government affairs at 202-298-5576 or firstname.lastname@example.org.
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The Appraisal Institute is a global membership association of professional real estate appraisers, with nearly 24,000 members and 91 chapters throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Members of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. For more information regarding the Appraisal Institute, please visit www.appraisalinstitute.org.