,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #bheb  ,,in ,,the ,,house ,,of  
,,representatives  ,may #bj1 #bjai,mr4  
,sherman introduced the following bill2 
which was referred to the ,committee on 
,financial ,services  ,a ,,bill  ,to    
amend the ,national ,housing ,act to    
authorize ,state-licensed appraisers to 
conduct appraisals in connection with   
mortgages insured by the ,,fha and to   
require compliance with the existing    
appraiser education requirement1 and for
 other purposes4  #a4 ,short title ,this
 ,act may be cited as the ,homebuyer    
,assistance ,act of #bjai4  #b4         
,appraiser standards  7a7 ,certification
 or licensing ,paragraph 7#e7 of section
 #bjb7;g77#e7 of the ,national ,housing 
,act 7#ab ,u4,s4,c4 #agjh7;g77#e77 is   
amended--  7#a7 by striking subparagraph
 7,a7 and inserting the following new   
subparagraph3  7,a7 be certified or     
licensed by the ,state in which the     
property to be appraised is located2 and
  2 and  7#b7 in subparagraph 7,b71 by  

inserting before the period at the end  
the following3 1 which shall include    
completion of a course or seminar that  
consists of not less than #g hours of   
training regarding such appraisal       
requirements and is approved by the     
,course ,approval ,program of the       
,appraiser ,qualification ,board of the 
,appraisal ,foundation or a ,state      
appraiser certifying and licensing      
agency4  7b7 ,compliance with verifiable
 education requirements ,effective      
beginning on the date of the            
effectiveness of the mortgagee letter or
 other guidance issued pursuant to      
subsection 7c7 of this section1         
notwithstanding any choice or approval  
of any appraiser made before such date  
of enactment1 no appraiser may conduct  
an appraisal for any mortgage insured   
under title ,,ii of the ,national       
,housing ,act 7#ab ,u4,s4,c4 #agjg et   
seq47 unless such appraiser is in       
compliance with all of the requirements 
under section #bjb7;g77#e7 of such ,act 

7#ab ,u4,s4,c4 #agjh7;g77#e771 as       
amended by subsection 7a7 of this       
section1 including the requirement under
 subparagraph 7,b7 of such section      
#bjb7;g77#e7 7relating to demonstrated  
verifiable education in appraisal       
requirements74  7c7 ,implementation ,not
 later than the expiration of the       
#ahj-;day period beginning on the date  
of the enactment of this ,act1 the      
,secretary of ,housing and ,urban       
,development shall issue a mortgagee    
letter or other guidance that shall--   
7#a7 implement the amendments made by   
subsection 7a7 of this section2  7#b7   
clearly set forth all of the specific   
requirements under section #bjb7;g77#e7 
of the ,national ,housing ,act 7as      
amended by subsection 7a7 of this       
section7 for approval to conduct        
appraisals under title ,,ii of such     
,act1 which shall include--  7,a7       
providing that the completion1 prior to 
the effective date of such mortgagee    
letter or guidance1 of training meeting 

the requirements under subparagraph 7,b7
 of such section #bjb7;g77#e7 7as       
amended by subsection 7a7 of this       
section7 shall be considered to fulfill 
the requirement under such subparagraph2
 and  7,b7 providing a method for       
appraisers to demonstrate such prior    
completion2 and  7#c7 take effect not   
later than the expiration of the        
#ahj-;day period beginning upon issuance
 of such mortgagee letter or guidance4