Appraisal Ace Blog

HR-3837
November 24th, 2007 1:08 PM

 

The link below will take you to the GovTrack website for the following bill.

H.R. 3837: Escrow, Appraisal, and Mortgage Servicing Improvements Act
To require escrows for certain mortgage loans, to improve mortgage servicing, to promote sustainable homeownership opportunities, to enhance appraisal quality and standards, to better appraisal oversight, to mitigate appraiser pressure, and for other purposes.

http://www.govtrack.us/congress/bill.xpd?bill=h110-3837

This bill is another one of those catch all reactions to the current mortgage crisis that may be well meaning, or just political grandstanding but has some dangerous components including language in Section 203k which could lead to all appraisers having to be MAI or SRA at some point. Granted MAI or SRA designation may be desirable, but the idea of possibly mandating such designation undermines the present federal and state regulation of appraisers.

 


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Posted by William McKnight on November 24th, 2007 1:08 PMPost a Comment

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