To waive certain requirements with respect to in-person appraisals, and for other purposes.

I 116TH CONGRESS 2D SESSION H. R. 6369 To waive certain requirements with respect to in-person appraisals, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MARCH 23, 2020 Mr. SHERMAN introduced the following bill; which was referred to the Committee on Financial Services A BILL To waive certain requirements with respect to in-person appraisals, 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 SECTION 1. FINDING. 3 The Congress finds that as the country continues to 4 grapple with the impact of the spread of COVID–19, sev- 5 eral adjustments are needed to ensure that mortgage proc- 6 essing can continue to function without significant delays, 7 despite requirements that would otherwise require in-per- 8 son interactions. 9 VerDate Sep 11 2014 02:52 Apr 15, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6369.IH H6369 2 •HR 6369 IH SEC. 2. WAIVER OF IN-PERSON REQUIREMENTS. 1 (a) WAIVER.— 2 (1) IN GENERAL.—Until the end of the 3 COVID–19 emergency, any appraisal that is con- 4 ducted for a loan with respect to which applicable 5 law would otherwise require the performance of an 6 interior inspection may be performed without an in- 7 terior inspection, if— 8 (A) an exterior inspection is performed in 9 conjunction with other methods to maximize 10 credibility, including verifiable contemporaneous 11 video or photographic documentation by the 12 borrower and borrower observations; and 13 (B) the applicable lender, guarantor, regu- 14 lating agency, or insurer may order additional 15 services to include an interior inspection at a 16 later date. 17 (2) STIPULATION.—An appraiser conducting an 18 appraisal without an interior inspection pursuant to 19 this section shall stipulate an extraordinary assump- 20 tion that the property’s interior quality, condition, 21 and physical characteristics are as described and 22 consistent with the exterior view, and shall employ 23 all available methods to maximize accuracy while 24 maintaining safety. 25 VerDate Sep 11 2014 02:52 Apr 15, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6369.IH H6369 3 •HR 6369 IH (b) RULEMAKING.—Not later than the end of the 1- 1 week period beginning on the date of enactment of this 2 Act, the Federal Housing Commissioner of the Federal 3 Housing Agency and the Director of the Federal Housing 4 Finance Agency shall issue such rules or guidance as may 5 be necessary to ensure that such agencies, the Federal 6 Home Loan Mortgage Corporation, the Federal National 7 Mortgage Association, and the Federal home loan banks 8 make any adjustments to mortgage processing require- 9 ments that may be necessary to provide flexibility to avoid 10 in-person interactions while preserving the goals of the 11 programs and consumer protection. 12 (c) COVID–19 EMERGENCY DEFINED.—In this sec- 13 tion, the term ‘‘COVID–19 emergency’’ means the period 14 that begins upon the date of the enactment of this Act 15 and ends on the date of the termination by the Federal 16 Emergency Management Agency of the emergency de- 17 clared on March 13, 2020, by the President under the 18 Robert T. Stafford Disaster Relief and Emergency Assist- 19 ance Act (42 U.S.C. 4121 et seq.) relating to the 20 Coronavirus Disease 2019 (COVID–19) pandemic. 21 Æ VerDate Sep 11 2014 02:52 Apr 15, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H6369.IH H6369