Appraisal Industry Improvement Act

The Appraisal Industry Improvement Act establishes new requirements for appraisers working on properties with FHA-insured mortgages. It requires appraisers to be certified or licensed in the state where the property is located (with some federal employee exceptions), meet competency standards, and complete specific education about FHA requirements. The bill creates a new "State credentialed trainee appraiser" category to help develop the industry workforce and provides grants for training and recruitment. It also establishes annual registry fees for appraisal management companies to support oversight and standardization.