Homebuyer Assistance Act of 2021
Bill: H.R.3008 | Sponsor: Rep. Sherman, Brad (D-CA)
Policy area: Housing and Community Development

Summary:
Homebuyer Assistance Act of 2021
This bill modifies requirements for appraisers of Federal Housing Administration-insured mortgages. Currently, an appraiser must be certified by certain state or national entities. The bill removes the national entities from the list of approved certification entities and allows an appraiser for a mortgage for single-family housing to be state-licensed rather than state-certified to meet requirements. The bill also provides specified educational requirements for appraisers for mortgages for single-family housing.

To amend the National Housing Act to authorize State-licensed 
 appraisers to conduct appraisals in connection with mortgages insured 
   by the FHA and to require compliance with the existing appraiser 
             education requirement, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Homebuyer Assistance Act of 2021''.

SEC. 2. APPRAISAL STANDARDS FOR SINGLE-FAMILY HOUSING MORTGAGES.

    (a) Certification or Licensing.--Paragraph (5) of section 202(g) of 
the National Housing Act (12 U.S.C. 1708(g)) is amended--
            (1) by striking subparagraph (A) and inserting the 
        following new subparagraph:
                    ``(A)(i) in the case of an appraiser for a mortgage 
                for single-family housing, be certified or licensed by 
                the State in which the property to be appraised is 
                located; and
                    ``(ii) in the case of an appraiser for a mortgage 
                for multifamily housing, be certified by the State in 
                which the property to be appraised is located; and''; 
                and
            (2) in subparagraph (B), by inserting before the period at 
        the end the following: ``, which, in the case of appraisers for 
        any mortgage for single-family housing, shall include 
        completion of a course or seminar that consists of not less 
        than 7 hours of training regarding such appraisal requirements 
        that is approved by the Course Approval Program of the 
        Appraiser Qualifications Board of the Appraisal Foundation or a 
        State appraiser certifying and licensing agency''.
    (b) Compliance With Verifiable Education Requirements; 
Grandfathering.--Effective beginning on the date of the effectiveness 
of the mortgagee letter or other guidance issued pursuant to subsection 
(c) of this section, notwithstanding any choice or approval of any 
appraiser made before such date of enactment, no appraiser may conduct 
an appraisal for any mortgage for single-family housing insured under 
title II of the National Housing Act (12 U.S.C. 1707 et seq.) unless 
such appraiser is, as of such date of effectiveness, in compliance 
with--
            (1) all of the requirements under section 202(g)(5) of such 
        Act (12 U.S.C. 1708(g)(5)), as amended by subsection (a) of 
        this section, including the requirement under subparagraph (B) 
        of such section 202(g)(5) (relating to demonstrated verifiable 
        education in appraisal requirements); or
            (2) all of the requirements under section 202(g)(5) of such 
        Act as in effect on the day before the date of the enactment of 
        this Act.
    (c) Implementation.--Not later than the expiration of the 240-day 
period beginning on the date of the enactment of this Act, the 
Secretary of Housing and Urban Development shall issue a mortgagee 
letter or other guidance that shall--
            (1) implement the amendments made by subsection (a) of this 
        section;
            (2) clearly set forth all of the specific requirements 
        under section 202(g)(5) of the National Housing Act (as amended 
        by subsection (a) of this section) for approval to conduct 
        appraisals under title II of such Act for mortgages for single-
        family housing, which shall include--
                    (A) providing that the completion, prior to the 
                effective date of such mortgagee letter or guidance, of 
                training meeting the requirements under subparagraph 
                (B) of such section 202(g)(5) (as amended by subsection 
                (a) of this section) shall be considered to fulfill the 
                requirement under such subparagraph; and
                    (B) providing a method for appraisers to 
                demonstrate such prior completion; and
            (3) take effect not later than the expiration of the 180-
        day period beginning upon issuance of such mortgagee letter or 
        guidance.

            Passed the House of Representatives May 18, 2021.

            Attest:

                                             CHERYL L. JOHNSON,

                                                                 Clerk.