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12 U.S.C. § 3331 — Purpose
Federal law — U.S. Code and appendices · legal_authorities
The purpose of this chapter is to provide that Federal financial and public policy interests in real estate related transactions will be protected by requiring that real estate appraisals utilized in connection with federally related transactions are performed in writing, in accordance with uniform standards, by individuals whose competency has been demonstrated and whose professional conduct will be subject to effective supervision.
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Source location: Title 12, Chapter 34A, § 3331; chapter-34a-appraisal-subcommittee-of-federal-financial-institutions-examination-council.md
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The purpose of this chapter is to provide that Federal financial and public policy interests in real estate related transactions will be protected by requiring that real estate appraisals utilized in connection with federally related transactions are performed in writing, in accordance with uniform standards, by individuals whose competency has been demonstrated and whose professional conduct will be subject to effective supervision.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** There is established in the Federal Housing Administration a HOPE for Homeowners Program.
**(b) Purpose** The purpose of the HOPE for Homeowners Program is—
(1) to create an FHA program, participation in which is voluntary on the part of homeowners and existing loan holders to insure refinanced loans for distressed borrowers to support long-term, sustainable homeownership;
(2) to allow homeowners to avoid foreclosure by reducing the principle 11 So in original. Probably should be “principal”. balance outstanding, and interest rate charged, on their mortgages;
(3) to help stabilize and provide confidence in mortgage markets by bringing transparency to the value of assets based on mortgage assets;
(4) to target mortgage assistance under this section to homeowners for their principal residence;
(5) to enhance the administrative capacity of the FHA to carry out its expanded role under the HOPE for Homeowners Program;
(6) to ensure the HOPE for Homeowners Program remains in effect only for as long as is necessary to provide stability to the housing market; and
(7) to provide servicers of delinquent mortgages with additional methods and approaches to avoid foreclosure.
**(c) Establishment and implementation of program requirements**
(1) **Duties of Secretary** — In order to carry out the purposes of the HOPE for Homeowners Program, the Secretary, after consultation with the Board, shall—
(A) establish requirements and standards for the program consistent with [section 1709(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709/b&num=0&edition=prelim) to the maximum extent possible; and
(B) prescribe such regulations and provide such guidance as may be necessary or appropriate to implement such r
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1741
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** A creditor may not extend credit in the form of a higher-risk mortgage to any consumer without first obtaining a written appraisal of the property to be mortgaged prepared in accordance with the requirements of this section.
**(b) Appraisal requirements**
(1) **Physical property visit** — Subject to the rules prescribed under paragraph (4), an appraisal of property to be secured by a higher-risk mortgage does not meet the requirement of this section unless it is performed by a certified or licensed appraiser who conducts a physical property visit of the interior of the mortgaged property.
(2) **Second appraisal under certain circumstances**
(A) *In general* — If the purpose of a higher-risk mortgage is to finance the purchase or acquisition of the mortgaged property from a person within 180 days of the purchase or acquisition of such property by that person at a price that was lower than the current sale price of the property, the creditor shall obtain a second appraisal from a different certified or licensed appraiser. The second appraisal shall include an analysis of the difference in sale prices, changes in market conditions, and any improvements made to the property between the date of the previous sale and the current sale.
(B) *No cost to applicant* — The cost of any second appraisal required under subparagraph (A) may not be charged to the applicant.
(3) **Certified or licensed appraiser defined** — For purposes of this section, the term “certified or licensed appraiser” means a person who—
(A) is, at a minimum, certified or licensed by the State in which the property to be appraised is located; and
(B) performs each appraisal in conformity with the Uniform Standards of Professional Appraisal Practice and title XI of the Financi
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1639h
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Federal law — U.S. Code and appendices · legal_authorities
Page 1521
TITLE 12—BANKS AND BANKING
§ 3332
1 So in original. The word ‘‘and’’ probably should not appear.
2 So in original. Probably should be ‘‘compliance; and’’.
as part of the Omnibus Consolidated Appropriations
Act, 1997, and not as part of the Federal Financial In-
stitutions Examination Council Act of 1978 which com-
prises this chapter.
CHAPTER 34A—APPRAISAL SUBCOMMITTEE
OF
FEDERAL
FINANCIAL
INSTITUTIONS
EXAMINATION COUNCIL
Sec.
3331.
Purpose.
3332.
Functions of Appraisal Subcommittee.
3333.
Chairperson of Appraisal Subcommittee; term
of Chairperson; meetings.
3334.
Officers and staff.
3335.
Powers of Appraisal Subcommittee.
3336.
Procedures for establishing appraisal stand-
ards and requiring use of certified and li-
censed appraisers.
3337.
Startup funding.
3338.
Roster of State certified or licensed apprais-
ers; authority to collect and transmit fees.
3339.
Functions of Federal financial institutions
regulatory agencies relating to appraisal
standards.
3340.
Time for proposal and adoption of standards.
3341.
Functions of Federal financial institutions
regulatory agencies relating to appraiser
qualifications.
3342.
Transactions requiring services of State cer-
tified appraiser.
3343.
Transactions requiring services of State li-
censed appraiser.
3344.
Time for proposal and adoption of rules.
3345.
Certification and licensing requirements.
3346.
Establishment of State appraiser certifying
and licensing agencies.
3347.
Monitoring of State appraiser certifying and
licensing agencies.
3348.
Recognition of State certified and licensed
appraisers for purposes of this chapter.
3349.
Violations in obtaining and performing ap-
praisals in federally related transactions.
3350.
Definitions.
3351.
Miscellaneous p
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3331
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