Appraisal Industry Improvement Act

This bill changes the rules for real estate appraisers who evaluate properties for home loans connected to the federal government, such as those involving federally insured banks or programs like Fannie Mae. It lets federal employees who are licensed appraisers work in states other than the one where they got their license, requires appraisers to meet certain professional standards, and stops appraisers who only have certification from a national professional organization (but not a state license) from doing these appraisals. The bill also adds rules about education for appraisers, allows trainees to be listed in the national registry of appraisers, and lets certified appraisers get help from trainees. Finally, it requires a federal subcommittee to give grants to states to help address shortages of appraisers and allows the subcommittee to lower certain fees for appraisal management companies if those fees are causing problems.

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