house Bill H.R. 2852
Should Requirements for Appraisers of FHA-Insured Mortgages be Loosened?
Argument in favor
The current requirements for appraisers of Federal Housing Administration-insured mortgages are too onerous. This has resulted in a shortage of appraisers for such homes, which is burdensome for certain types of prospective home buyers (specifically, first-home buyers, low- and moderate-income households, minorities, and those in rural areas).
09/09/2019
I THOUGHT SO--ANY BILL THAT HELPS THE COMMON MAN IS ALWAYS INTRODUCED BY A DEMOCRAT, BECAUSE THEY GOP CARE ONLY FOR THE RICH AND BIG CORPORATE, WHO PAY THEM!
09/10/2019
While I cannot find much scholarly discourse on this bill, what little I can dig up on the representative proposing this legislation is seeking to represent the voters in his district.
Although Mr. Sherman has been in office for more than 20 years, I saw nothing that would signal a significant increase in net worth or anything that would suggest a pattern of placing party before people.
Mr. Sherman supports impeachment and has repeatedly voted to increase the Federal minimum wage.
But what really cinched my decision to trust, was Representative Sherman vote to Preserve Alaska's ANWR instead of drilling it.
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09/10/2019
Yes! And repeal Dodd Frank while you’re at it so that consumers can actually vet their appraisers and be able to know they are paying for a quality product and not padding the lender! There is NO transparency under Dodd Frank for the consumer! There is currently not nearly as much consumer protection as there used to be before Dodd Frank!
Argument opposed
Rather than trying to increase the number of FHA appraisers, mortgage issuers and the federal government should think critically about whether and when human appraisers are necessary. Big data and automation could potentially replace the need for human appraisers. Alternatively, the de minimus threshold could be raised to decrease the number of homes that need appraisal.
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09/10/2019
The appraisers are already as about as lame as they can be which doesn’t do much to help a homebuyer so why in God’s name make it worse! You want to make better; increase the pay and get better people.
I THOUGHT SO--ANY BILL THAT HELPS THE COMMON MAN IS ALWAYS INTRODUCED BY A DEMOCRAT, BECAUSE THEY GOP CARE ONLY FOR THE RICH AND BIG CORPORATE, WHO PAY THEM!
Yeah, great, the 2008 recession was such a blast let’s do it again.
The appraisers are already as about as lame as they can be which doesn’t do much to help a homebuyer so why in God’s name make it worse! You want to make better; increase the pay and get better people.
People need to relax. This isn't loosening regulations on buying homes, it's allowing more appraisers the ability to perform FHA work. There are three levels of appraisal licensing, and so far only levels 2 and 3 (I happen to be a level 2) have been able to perform FHA appraisals, but level 1 receives all the same necessary training and education to be able to perform them. There really wasn't any good reason for them to be excluded in the first place. I don't like having all the extra competition..but hey...capitalism...right? ;)
I am in favor of creating every opportunity to help people become homeowners.
I don’t want to see reckless lending like we saw leading up to the Great Recession...
I don’t know enough about this bill to favor it or oppose it.
Please help people become homeowners when possible. But it must be done without reckless lending that sets up people for disaster when recession hits. Use caution and prudent regulations.
Loosing the requirements for buying homes, while well-intended, is only going to destabilize the housing market even further! The last time we loosened these kinds of requirements, we had a financial crash and the Great Recession! Why don’t we focus on building more affordable homes?!
While I cannot find much scholarly discourse on this bill, what little I can dig up on the representative proposing this legislation is seeking to represent the voters in his district.
Although Mr. Sherman has been in office for more than 20 years, I saw nothing that would signal a significant increase in net worth or anything that would suggest a pattern of placing party before people.
Mr. Sherman supports impeachment and has repeatedly voted to increase the Federal minimum wage.
But what really cinched my decision to trust, was Representative Sherman vote to Preserve Alaska's ANWR instead of drilling it.
Yes! And repeal Dodd Frank while you’re at it so that consumers can actually vet their appraisers and be able to know they are paying for a quality product and not padding the lender! There is NO transparency under Dodd Frank for the consumer! There is currently not nearly as much consumer protection as there used to be before Dodd Frank!
Appraisals should be reliable and in line with current mortgage lending requirements. One of the large systemic problems leading to the Great Recession was that some houses were over-appraised and then big mortgages were obtained for people who couldn't pay for them. We have to prevent that happening again.
This isn’t changing FHA requirements just giving appraisals more latitude
Oh a ridiculous idea... lower the standards? Really? Gee, why not drop all standards and we can have all the desks occupied?! Who’s critical thinking skills failed to engage with this proposal? If we have fewer qualified people supervising loans, we could actually have more mortgage defaults because of a greater number of unqualified able to repay loans. Anyone thought of that potential .., talk to some banks that failed during the banking crisis.
Does anyone remember the resolution trust and why it was formed to begin with.
If you do not learn when making errors you will make them over and over again. History repeating itself and some just never learn. WIN Win winning 2020
No. Loosening the rules will surely enable business to rip off consumers n the home industry...again.