Fair FHA Appraisals Act of 2007

Summary

Fair FHA Appraisals Act of 2007 - Amends the National Housing Act to subject to civil money penalties actions that improperly influence appraisals for an FHA insured mortgage for a small-family residence by compensating, instructing, inducing, coercing, or intimidating any person who conducts an appraisal in connection with such mortgage in order to cause the appraised value to be based on any other factor other than the independent judgment exercised in accordance with professional standards. Modifies FHA mortgage insurance appraisal standards to require that: (1) the appraisal be conducted by an appraiser selected by the Secretary of Housing and Urban Development on a rotating basis, mortgage-by-mortgage, from a list of appraisers (blind draws) developed by the Secretary; and (2) an authorized mortgagee use only appraisers selected in accordance with such list. Restricts use by a qualified appraiser of the assistance of others to cases where a limited number of appraisals is conducted within a limited rural area.

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Timeline

1. 27 March 2007

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 27 March 2007

   Introduced

   Introduced in House

   Source: IntroReferral

3. 27 March 2007

   Introduced

   Introduced in House

   Source: IntroReferral

4. 7 June 2007

   Referred

   Referred to the Subcommittee on Housing and Community Opportunity.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 27 March 2007 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 27 March 2007

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 27 March 2007

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 27 March 2007

  Open at official source

Sponsors

• Rep. Wilson, Charles A. [D-OH-6] · D · Sponsor
• WM. CLAY · D · Sponsor
• · hsba00 · Standing

Related records

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