Bills · S 1635
IN COMMITTEE· 119TH CONGRESS
Senate BillS 1635Finance and Financial Sector
Appraisal Industry Improvement Act
INTRO MAY 7· LAST ACTION MAY 7
READING
7MIN
COSPONSORS
1
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it aims to streamline and potentially standardize the appraisal process for FHA-insured mortgages, which are a significant part of the housing market, especially for first-time homebuyers or those with lower down payments. By aligning FHA appraiser qualifications more closely with state licensing, it could lead to a more consistent pool of qualified appraisers and potentially improve trust in FHA appraisal values. If the new training requirements for FHA appraisals are effective, it could lead to more accurate property valuations for FHA loans, protecting both borrowers and the government.
If the bill passes, appraisers and trainees will face new administrative and educational requirements, which could affect their profession. If it doesn't pass, the FHA's appraiser approval process would likely continue as is, potentially with less direct alignment to state licensing standards and without the explicit national tracking of trainee appraisers or the flexibility to adjust appraisal management company fees.
KEY PROVISIONS
4AI-extractedPROVISION 01
Requires appraisers for FHA-insured mortgages to be State-certified or licensed in the state where the property is located.
This provision standardizes FHA appraiser qualifications with state requirements, potentially broadening the pool of eligible appraisers and ensuring consistent professional standards.
PROVISION 02
Mandates that FHA appraisers complete verifiable education in FHA appraisal requirements, including a specific course or seminar.
This ensures that appraisers working with FHA loans have specialized knowledge of FHA's unique guidelines, which can lead to more accurate and compliant appraisals.
PROVISION 03
Includes State credentialed trainee appraisers on the national registry and allows states to charge them an annual fee of up to $20.
This provision provides better oversight and tracking of aspiring appraisers across the country, enhancing transparency and accountability in the appraisal profession.
PROVISION 04
Allows the Appraisal Subcommittee to decrease annual registry fees for Appraisal Management Companies if current fees are problematic.
This gives the oversight body more flexibility to adjust fees, potentially reducing financial burdens on appraisal management companies if deemed necessary.
SPONSORSHIP
1 + 1
R· North Dakota
YRS IN OFFICE
13
BILLS LED
31
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 1 REP 0 IND 0
ACTION TIMELINE
2 EVENTSMAY 7
Introduced in Senate
MAY 7
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
BILL INFO
TypeSenate Bill
NumberS 1635
Congress119th
StatusIn Committee
IntroducedMay 7, 2025
Last actionMay 7, 2025
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IN COMMITTEE· 119TH CONGRESS · BANKING, HOUSING, AND URBAN AFFAIRS COMMITTEE · INTRODUCED MAY 7, 2025
Senate BillS 1635Finance and Financial Sector
Appraisal Industry Improvement Act
INTRODUCED MAY 7, 2025· LAST ACTION MAY 7, 2025
PASSAGE CHANCES
—%
READING
7 min
COSPONSORS
1
COMPLEXITY
Moderate
