Question 1

What does S1635 do?

Accepted Answer

The Appraisal Industry Improvement Act represents a comprehensive reform of federal appraisal standards for mortgages insured by the Federal Housing Administration. The bill addresses workforce shortages in the appraisal industry by expanding the pool of qualified appraisers who may conduct FHA-insured mortgage appraisals. Currently, FHA regulations impose requirements beyond those established by state licensing authorities and federal appraisal standards. This legislation harmonizes FHA requirements with existing state certification and licensing frameworks while maintaining rigorous competency standards through the Uniform Standards of Professional Appraisal Practice. The bill also modernizes the treatment of trainee appraisers, establishes grant programs for workforce development, and adjusts fee structures for appraisal management companies. By authorizing state-licensed appraisers to perform FHA appraisals and creating pathways for trainee appraisers to gain experience under supervision, the legislation aims to expand access to qualified appraisal services while preserving consumer protections and appraisal quality standards.

Question 2

Who sponsored S1635?

Accepted Answer

Kevin Cramer, Ruben Gallego

Question 3

What is the status of S1635?

Accepted Answer

Introduced as of May 7, 2025.

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