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President George Bush recently signed a comprehensive bill into law in an effort to halt the rising number of home foreclosures. In addition to several large housing-related initiatives, the bill contains provisions that reinforce the importance of competent real estate appraisals to the mortgage lending process.
The part of the bill that pertains to appraisers is the Federal Housing Finance Regulatory Reform Act, H.R. 3221. The act amends the FHA Appraiser Roster requirements by requiring certification by a state or "a nationally-recognized professional appraisal organization" as well as "demonstrate verifiable education in FHA appraisal requirements."
H.R. 3221 is welcomed by the Appraisal Institute, as it promotes the use of highly- qualified real estate appraisers to address today's valuation issues. Bill Garber, Director of Government and External Affairs for the Appraisal Institute, says that, "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."
Most importantly, the bill prevents other people interested in real estate transactions -- from lenders to bankers -- from trying to influence appraisers. This provision protects appraisers working under the Hope for Homeowners Program and the FHA Appraiser Roster.
The Hope for Homeowners Act came to fruition under H.R. 3221. It is a voluntary program that allows homeowners facing foreclosure to refinance into a more affordable, secure FHA-backed mortgage. It requires that all appraisals done under this program be conducted in accordance to Title XI of FIRREA and performed by an appraiser who meets the competency requirements of the Uniform Standards of Professional Appraisal Practice.
"This is the first step in working to make appraisal standards uniform across the nation," Senator Mel Martinez, R-Fla, said. "This provision strengthens standards for FHA appraisals and ensures the integrity of the new FHA program that offers foreclosure assistance."Labels: Federal Housing Finance Regulatory Reform Act, Home Foreclosure, Real Estate, Real Estate Appraisers
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