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Senators Cramer, Tester Introduce Bipartisan Legislation to Improve Home Appraisal Process

WASHINGTON – To bolster the home appraisal workforce and speed up the appraisal process, U.S. Senators Kevin Cramer (R-ND) and Jon Tester (D-MT) introduced the bipartisan Appraisal Industry Improvement Act, which would improve access to housing in rural communities across the country.

“Across rural America, housing markets have a shortage of trained appraisers,” said Cramer. “Increasing the number of appraisers is essential to making the homebuying process faster for North Dakotans while also improving access to the housing market.”

“There is not a place I go in Montana where I don’t hear about how rising costs and housing shortages are making it more difficult for families to live and work in our state,” said Tester. “Speeding up the appraisal process so that more homes can hit the market is a piece of the puzzle that would boost the supply of housing across the board. That’s why I’m teaming up with Senator Cramer to introduce legislation that will bolster training in the appraiser workforce, particularly in rural communities, to help our housing market get moving in the right direction.”

Specifically, the Appraisal Industry Improvement Act would: 

  • Add representation from the U.S. Department of Veterans Affairs (VA) and the U.S. Department of Agriculture’s (USDA) Rural Housing Service (RHS) on the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council.
  • Add state credentialed trainee appraisers to the national Appraiser Registry run by the ASC.
  • Allow Appraisal Subcommittee grants for state appraiser certification and licensing agencies to support education and training to address appraiser industry workforce needs. 
  • Allow the Appraisal Subcommittee to decrease annual registry fees if they determine that the fees adversely impact functions.
  • Renew licensed residential appraisers’ ability to conduct appraisals on FHA properties. 

Last year, Senators Cramer and Tester introduced the Volunteer First Responder Housing Act, bipartisan legislation which seeks to increase affordable housing options for firefighters and first responders in rural communities.

Click here for bill text.