Committee "A" (Created November 19th, 2007)
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- Stop Sec. 203k in the H.R. 3837 Bill, however, do support sections mandating banks and mortgage companies pay for our appraisal work.
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Overall H.R. 3837 is a well executed bill for the appraisal
industry, however there is one section that is of great concern - section 203
(k). This section will reverse the previous language, and allow for
discrimination (or cause into question) all who are or are not a
member of an appraisal organization.
The law as it stands today:
(** (d) Prohibition against discrimination Criteria established by the Federal financial institutions regulatory agencies, the Federal National Mortgage association, the Federal Home Loan Mortgage Corporation, and the Resolution Trust Corporation for
appraiser qualifications in addition to State certification or
licensing shall not exclude a certified or licensed appraiser for
consideration for an assignment solely by virtue of membership or lack
of membership in any particular appraisal organization.)
SEC. 203. AMENDMENTS RELATING TO APPRAISAL
SUBCOMMITTEE OF FIEC, APPRAISER INDEPENDENCE,
AND APPROVED APPRAISER EDUCATION.
(k)
Consideration of Professional Appraisal Designations- Section 1122(d) of the
Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (**12 U.S.C. 3351(d)) is
amended by adding at the end the following new sentence: 'No provision of this subsection
shall be construed as prohibiting consideration of designations conferred by
recognized national professional appraisal organizations, such as sponsoring
organizations of The Appraisal Foundation.'
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