Thu October 31st, 2019
Sponsor: Rep. Wm. Clay — D — MO
Authorizes the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council to change annual registry fees paid by appraisal management companies—independent entities that supply appraisal services to mortgage lenders. (The ASC oversees states’ licensing and certification of real estate appraisers and appraisal management companies.) The act would require the ASC to maintain a national registry of trainee appraisers and require states to collect a registry fee from those trainees. H.R 3619 also would require the Consumer Financial Protection Bureau (CFPB) to provide information about appraisal fees on standard mortgage disclosure forms and to add information about appraisal fees to its Integrated Disclosure Rule forms. Finally, the act would place a representative of the Department of Veteran Affairs on the ASC.
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