Originally published on July 20, 2022, by the Appraisal Institute.
The House of Representatives on July 14 passed the National Defense Authorization Act, which approved $840 billion in defense spending for 2023. The 329-101 vote came after hundreds of amendments were considered, including a couple that focused on valuation issues.
One valuation-focused amendment is based on HR 3008, the Homebuyer Assistance Act of 2021, legislation that had already passed the House with bipartisan support. The amendment (and HR 3008) was introduced by Rep. Brad Sherman, D-Calif., and would modify requirements for single-family FHA mortgages by allowing appraisers to be state licensed rather than state-certified. The amendment would also require compliance with existing appraiser education requirements.