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 August 08, 2007

Appraisal Bill Would Increase Role Feds Have in Licensing
In an effort to curb appraisal abuses, a Key house lawmaker has introduced a bill that would give federal regulators expended power.
H.R. 3012, the "Fair Mortgage Practices Act" is intended to give the federal Appraisal Subcommittee the authority to issue binding regulations on states. It would also be able to require states to issue licenses to appraisers based on a set of qualification criteria. States would also be required to recognize appraisal licensing from other states.

The NAR (National Association of Realtors) passed a policy position showing support of the keeping of appraisal licensing requirements state-based in 1995.

Additional provisions to curb fraud are part of the proposed legislation. Restrictions regarding improper influence (coercion, bribery, etc.) of appraisers would be tightened. New requirements could include a required home inspection if the appraisal is part of a subprime loan.

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