Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of H.R. 3008, the Homebuyer Assistance Act of 2021, sponsored by my friend from California (Mr. Sherman) and cosponsored by my colleague from Texas (Mr. Taylor), who are both superb active members of the Committee on Financial Services here in the House. The committee reviewed many of the issues faced by the appraisal industry. There were two concerns heard loud and clear from the witnesses: the prolonged backlog for appraisals and the decreased quality in appraisals used in transactions involving loans insured by the Federal Housing Administration, the FHA. H.R. 3008 addresses these concerns in two ways. First, the bill amends current law to expand the pool of appraisers eligible to participate in FHA-insured transactions from being just certified appraisers to include both certified and licensed appraisers. Additionally, the bill addresses the different training requirements that each must meet. Currently, certified appraisers must have 1,500 hours of supervised experience without any property value or complexity restrictions. Licensed appraisers need only 1,000 hours of supervised experience, and there are some property value or complexity restrictions on licensed appraisers. So H.R. 3008 sets minimum trending requirements for both types of appraisers in FHA transactions.…”