Help Add Co-Sponsors to H.R. 3837, the Escrow, Appraisal and Mortgage Servicing Improvement Act of 2007

Call Your Representative Today!

H.R. 3837, The Escrow, Appraisal and Mortgage Servicing Improvement Act has been introduced in the House of Representatives by Representative Paul Kanjorski (D-PA).   Included in this bill are significant reforms to the real estate appraisal regulatory structure, which will provide greater openness and accountability of federal and state appraiser regulators, prohibit inappropriate pressure of appraisers and promote higher quality appraisals.

Take Action. The Appraisal Institute requests all appraisers call their Representative and ask that they co-sponsor H.R. 3837, the Escrow, Appraisal and Mortgage Servicing Improvements Act. This bill will need bi-partisan support to pass. Simply click here and then insert your zip code in the box and follow the instructions.

Click here for 8 Reason's To Support H.R. 3837

As a professional real estate appraiser, I urge you to cosponsor H.R. 3837, the Escrow, Appraisal and Mortgage Servicing Improvements Act. This legislation was introduced by Rep. Paul Kanjorski (D-PA) and includes significant reforms to the real estate appraisal regulatory structure, which will provide greater openness and accountability of federal and state appraiser regulators, prohibit inappropriate pressure of appraisers and promote higher quality appraisals. Provisions in H.R. 3837 include:

1. Ensures appraiser independence by banning coercion of appraisers by brokers, lenders, realty agents, and others involved in the mortgage transaction.
2. More transparency of the Appraisal Subcommittee's (ASC) activities/more detailed report.
3. Gives the ASC the authority to issue binding rules and regulations after public notice and opportunity for comment in the areas of temporary practice, national registry, information sharing, and enforcement.
4. Requires a national registry for State appraisal agencies to report to when a license or certification is revoked or suspended.
5. Allows the Appraisal Subcommittee to use the amounts collected from the fees paid by appraisers to make grants to State appraisal agencies to help defray enforcement costs.
6. Gives the ASC the authority to monitor funding and staffing levels of the State appraiser certifying and licensing agencies so they are at proper levels.
7. Gives the ASC the authority to impose interim sanctions and suspensions on the State appraiser certifying and licensing agencies if they are found to be out of compliance.
8. Permits special consideration as an indication of proficiency to be given to appraisers who have obtained special designations or training from professional appraisal organizations.

With your support, H.R. 3837 will provide greater oversight and enforcement of the mortgage industry. To cosponsor H.R. 3837, call Rep. Kanjorski's office (202-225-6511).