AZ Real Estate Commentary

Pending Mortgage Reform Bill H.R. 1728 Contains "Property Appraisal Requirement" Provisions

"The Mortgage Reform and Anti-Predatory Lending Act of 2009 (H.R. 1728) was introduced March 26 by coauthors Rep. Brad Miller (D-N.C.), Rep. Melvin Watt (D-N.C.) and Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee. It is expected to move quickly through the House this month and go to the Senate by May. The odds of passage in some form are high, according to banking and housing industry lobbyists." (Kenneth Harvey - LA Times )

The bill is intended to:

To amend the Truth in Lending Act to reform consumer mortgage practices and provide accountability for such practices, to provide certain minimum standards for consumer mortgage loans, and for other purposes.

Click here for the GovTrack Text H.R. 1728

The bill does contain some provisions that will effect real estate appraisers:

HR 1728 Appraisal Provisions   

HR 1728 Sec. 601 Property Appraisal Requirements

H.R. 1728: Mortgage Reform and Anti-Predatory Lending Act
This is an excerpt from the text of the bill (status: Introduced in House). Jump to this paragraph in the full text. .
‘(i) is certified or licensed by the State in which the property to be appraised is located; and
(Powered by GovTrack.us.)

Posted by Brian Davis on April 06, 2009 in Appraisal, Political Action

Posted by Ron Stalzer on April 7th, 2009 9:39 PMPost a Comment (0)

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Ron Stalzer is an Appraiser and REALTOR, earning the prestigious RAA designation


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