H.R. 1723 · 110th Congress
Fair FHA Appraisals Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WilsonSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Fair FHA Appraisals Act of 2007 - Amends the National Housing Act to subject to civil money penalties actions that improperly influence appraisals for an FHA insured mortgage for a small-family residence by compensating, instructing, inducing, coercing, or intimidating any person who conducts an appraisal in connection with such mortgage in order to cause…
What it does: CRS summary · Introduced in House · Mar 27, 2007
Fair FHA Appraisals Act of 2007 - Amends the National Housing Act to subject to civil money penalties actions that improperly influence appraisals for an FHA insured mortgage for a small-family residence by compensating, instructing, inducing, coercing, or intimidating any person who conducts an appraisal in connection with such mortgage in order to cause the appraised value to be based on any other factor other than the independent judgment exercised in accordance with professional standards.
Modifies FHA mortgage insurance appraisal standards to require that: (1) the appraisal be conducted by an appraiser selected by the Secretary of Housing and Urban Development on a rotating basis, mortgage-by-mortgage, from a list of appraisers (blind draws) developed by the Secretary; and (2) an authorized mortgagee use only appraisers selected in accordance with such list.
Restricts use by a qualified appraiser of the assistance of others to cases where a limited number of appraisals is conducted within a limited rural area.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Fair FHA Appraisals Act of 2007
Latest action (Jun 7, 2007): Referred to the Subcommittee on Housing and Community Opportunity.
Policy area: Housing and Community Development · Origin: House · Introduced: Mar 27, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.