Appraisal Industry Improvement Act

The Appraisal Industry Improvement Act establishes new standards for real estate appraisers working on federally insured mortgages. It requires appraisers to be certified or licensed by the state where the property is located (with exceptions for federal employees), meet competency requirements, and complete specific education on FHA appraisal standards. The bill creates a new category of "State credentialed trainee appraisers" who can work under certified appraisers, and modifies annual registry fees for appraisal management companies. Appraisers must comply with these requirements when conducting appraisals for mortgages insured under Title II of the National Housing Act, with implementing regulations to be issued by HUD within 240 days of enactment.