S. 1635: Appraisal Industry Improvement Act

119th Congress · introduced 2025-05-07 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

What does this mean?

Official title

Appraisal Industry Improvement Act

Plain summary

Appraisal Industry Improvement Act This bill revises the eligibility criteria for real estate appraisers who are authorized to perform appraisals for federally related mortgage loans. As background, the Federal Financial Institutions Examination Council’s Appraisal Subcommittee oversees state licensing and certification of appraisers and maintains a registry of appraisers who are eligible to perform federally related appraisals—those tied to mortgages involving federally insured banks, federally backed programs (e.g., programs administered by the Federal Housing Administration), or government sponsored enterprises (e.g., Fannie Mae). The bill allows federal employees who are state certified or licensed as an appraiser to perform federally related appraisals in states and territories other than the state or territory in which they are certified or licensed, requires appraisers to meet competency requirements established in the Uniform Standards of Professional Appraisal Practice, and prohibits an appraiser who is only certified by a nationally recognized professional appraisal organization from performing federally related appraisals. The bill also establishes requirements for qualifying education for these appraisers. The bill expands the national registry of state certified and licensed appraisers to include credentialed trainees. The bill also allows state certified appraisers to use the assistance of a credentialed trainee or an unlicensed trainee. Finally, under the bill, the subcommittee (1) must make grants to state certifying and licensing agencies for the purpose of addressing appraiser workforce needs, and (2) may decrease certain fees for appraisal management companies if the subcommittee determines that the fees result in adverse consequences or are not appropriately tailored.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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A “Nay” vote

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What does this mean? (plain words)

Official text

Appraisal Industry Improvement Act

Source: Congressional Research Service summary (Introduced in Senate)

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Officials and money

Sponsor: Sen. Cramer, Kevin [R-ND] · 1 cosponsors

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Words on this page, explained (3)

Appraisal: An estimate of what property is worth. In Texas, county appraisal districts set the value that property taxes are based on.
Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Sponsor and cosponsor: The sponsor is the member who introduces a bill and leads it. Cosponsors are other members who sign on to show support.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-119s1635.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/119/s>

Record fed-us-cong119-s1635 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills