President Obama signed the financial regulatory reform bill into law on July 21. The Bill included appraisal provisions including provisions to sunset the controversial Home Valuation Code of Conduct by directing for the establishment of a federal appraisal independence standard, enhancing appraiser competency provisions – including clarification regarding consideration of professional appraisal designations – and providing for financial resources for oversight and enforcement of appraisal rules.
The Appraisal Institute “applauded the legislation’s inclusion of the first modernization of real estate appraisal regulations in more than 20 years.” “This bill will mean good news for consumers because they should see more reliable home appraisals,” said Appraisal Institute President Leslie Sellers, MAI, SRA. “It will encourage the use of highly trained and competent real estate appraisers and will provide much-needed resources for oversight and enforcement.”