H.R. 3837, The Escrow, Appraisal, and Mortgage Servicing Improvements Act of 2007

Update: Oct 17 - Inman News: Click Here - A new bill aimed at cracking down on deceptive practices in mortgage servicing and coercion of appraisers has the support of consumer groups and a group representing appraisers.

WASHINGTON, Oct. 16  - The nation's largest professional real estate appraisal organization, the Appraisal Institute, applauds Representative Paul Kanjorski (D-PA) for introducing H.R. 3837, The Escrow, Appraisal, and Mortgage Servicing Improvements Act of 2007.

Introduced today in the House of Representatives, H.R. 3837 is aimed at protecting consumers and financial institutions by addressing shortcomings in the appraisal regulatory structure, among other things.

The proposed legislation includes provisions that ensure an independent appraisal process, strengthen regulatory authority over bad actors and recognize the importance of professional designations when selecting an appraiser.   See H.R. 3837 on THOMAS for the official source of information on this bill.

The bill has support from Representative Barney Frank (D-MA), Financial Services Committee Chair, and Congressmen Charlie Wilson (D-OH) and Paul Hodes (D-NH) as original co- sponsors of the measure.

"With mortgage fraud a hot topic and borrowers and lenders feeling the squeeze, this legislation is an opportunity to remedy problems inherent in the system," said Don Kelly, the Appraisal Institute's Director of External Affairs. "We applaud Congressman Kanjorski for introducing H.R. 3837, and we look forward to working with him and other Members of Congress on its swift passage."

The Appraisal Institute has been active in Washington as a vocal advocate of many of the provisions in H.R. 3837.

"We are particularly pleased to see that H.R. 3837 promotes appraiser independence because an independent appraiser is best able to help ensure the integrity of the lending process for the benefit of the consumer and the financial institutions involved," stated Kelly.

For more information on legislation supported by the Appraisal Institute, visit: http://www.appraisalinstitute.org/govtaffairs.

The Appraisal Institute is a global membership association of professional real estate appraisers, with 22,000 members and 92 chapters throughout the world. Organized in 1932, its mission is to support and advance its members as the choice for real estate solutions and uphold professional credentials, standards of professional practice and ethics consistent with the public good. Members of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. For more information regarding the Appraisal Institute, please visit http://www.appraisalinstitute.org/.