House Resolution 3221 (page 422) -- (PDF)

 

SEC. 1404.  REVISED STANDARDS FOR FHA APPRAISERS.

 

Section 202(e) of the National Housing Act (12 U.S.C. 1708(e)) is amended by adding at the end the following:

 

(5) ADDITIONAL APPRAISER STANDARDS -- Beginning on the date of enactment of the Federal Housing Finance Regulatory Reform Act of 2008, any appraiser chosen or approved to conduct appraisals for mortgages under this title shall--

 

(A)   be certified--

 

(i)   by the State in which the property to be appraised is located; or

(ii)  by a nationally recognized professional appraisal organization; and

 

(B) have demonstrated verifiable education in the appraisal requirements established by the Federal Housing Administration under this subsection.

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Conclusion:  An appraiser must be certified residential (or better) to do FHA Appraisals.  In addition, verifiable education in FHA standards must be demonstrable.

 

I expect FHA to do an end run around HR 3221 and continue to permit licensed appraisers to do appraisals but it is not certain that congress will permit it.  Regardless, the handwriting is on the wall and a Certified Residential classification will be required more and more.

 

Appraisal Institute Article supporting my position

Page url: http://www.georgiaappraiser.com/everythingappraisal/?fha_appraisal_standards.htm