H.R. 3619: Appraisal Fee Transparency Act of 2019

CBO Score

$1 million

Date of Report

Thu October 31st, 2019

CBO Report Details

Legislation Details

116th Congress

To amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to provide the Appraisal Subcommittee with the authority to modify annual registry fees for appraisal management companies, to maintain a registry of trainees and charge a lower trainee registry fee, and to allow grants to States to assist appraiser and potential appraiser compliance with the Real Property Appraiser Qualification Criteria, and for other purposes.

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.

View the full vote history of this bill on GovTrack.us.

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