Homebuyer Assistance Act of 2019

IIB 116TH CONGRESS 1ST SESSION H. R. 2852 IN THE SENATE OF THE UNITED STATES SEPTEMBER 11, 2019 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT 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 com- pliance with the existing appraiser education require- ment, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 VerDate Sep 11 2014 22:07 Sep 11, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2852.RFS H2852 pamtmann on DSKBC07HB2PROD with BILLS 2 HR 2852 RFS SECTION 1. SHORT TITLE. 1 This Act may be cited as the ‘‘Homebuyer Assistance 2 Act of 2019’’. 3 SEC. 2. APPRAISAL STANDARDS FOR SINGLE-FAMILY HOUS- 4 ING MORTGAGES. 5 (a) CERTIFICATION OR LICENSING.—Paragraph (5) 6 of section 202(g) of the National Housing Act (12 U.S.C. 7 1708(g)) is amended— 8 (1) by striking subparagraph (A) and inserting 9 the following new subparagraph: 10 ‘‘(A)(i) in the case of an appraiser for a 11 mortgage for single-family housing, be certified 12 or licensed by the State in which the property 13 to be appraised is located; and 14 ‘‘(ii) in the case of an appraiser for a 15 mortgage for multifamily housing, be certified 16 by the State in which the property to be ap- 17 praised is located; and’’; and 18 (2) in subparagraph (B), by inserting before 19 the period at the end the following: ‘‘, which, in the 20 case of appraisers for any mortgage for single-family 21 housing, shall include completion of a course or sem- 22 inar that consists of not less than 7 hours of train- 23 ing regarding such appraisal requirements that is 24 approved by the Course Approval Program of the 25 Appraiser Qualifications Board of the Appraisal 26 VerDate Sep 11 2014 22:07 Sep 11, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2852.RFS H2852 pamtmann on DSKBC07HB2PROD with BILLS 3 HR 2852 RFS Foundation or a State appraiser certifying and li- 1 censing agency’’. 2 (b) COMPLIANCE WITH VERIFIABLE EDUCATION RE- 3 QUIREMENTS; GRANDFATHERING.—Effective beginning 4 on the date of the effectiveness of the mortgagee letter 5 or other guidance issued pursuant to subsection (c) of this 6 section, notwithstanding any choice or approval of any ap- 7 praiser made before such date of enactment, no appraiser 8 may conduct an appraisal for any mortgage for single- 9 family housing insured under title II of the National 10 Housing Act (12 U.S.C. 1707 et seq.) unless such ap- 11 praiser is, as of such date of effectiveness, in compliance 12 with— 13 (1) all of the requirements under section 14 202(g)(5) of such Act (12 U.S.C. 1708(g)(5)), as 15 amended by subsection (a) of this section, including 16 the requirement under subparagraph (B) of such 17 section 202(g)(5) (relating to demonstrated 18 verifiable education in appraisal requirements); or 19 (2) all of the requirements under section 20 202(g)(5) of such Act as in effect on the day before 21 the date of the enactment of this Act. 22 (c) IMPLEMENTATION.—Not later than the expiration 23 of the 240-day period beginning on the date of the enact- 24 ment of this Act, the Secretary of Housing and Urban 25 VerDate Sep 11 2014 22:07 Sep 11, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H2852.RFS H2852 pamtmann on DSKBC07HB2PROD with BILLS 4 HR 2852 RFS Development shall issue a mortgagee letter or other guid- 1 ance that shall— 2 (1) implement the amendments made by sub- 3 section (a) of this section; 4 (2) clearly set forth all of the specific require- 5 ments under section 202(g)(5) of the National 6 Housing Act (as amended by subsection (a) of this 7 section) for approval to conduct appraisals under 8 title II of such Act for mortgages for single-family 9 housing, which shall include— 10 (A) providing that the completion, prior to 11 the effective date of such mortgagee letter or 12 guidance, of training meeting the requirements 13 under subparagraph (B) of such section 14 202(g)(5) (as amended by subsection (a) of this 15 section) shall be considered to fulfill the re- 16 quirement under such subparagraph; and 17 (B) providing a method for appraisers to 18 demonstrate such prior completion; and 19 VerDate Sep 11 2014 22:07 Sep 11, 2019 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H2852.RFS H2852 pamtmann on DSKBC07HB2PROD with BILLS 5 HR 2852 RFS (3) take effect not later than the expiration of 1 the 180-day period beginning upon issuance of such 2 mortgagee letter or guidance. 3 Passed the House of Representatives September 10, 2019. Attest: CHERYL L. JOHNSON, Clerk. VerDate Sep 11 2014 22:07 Sep 11, 2019 Jkt 089200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H2852.RFS H2852 pamtmann on DSKBC07HB2PROD with BILLS