S. 3902, known as the "Appraisal Industry Improvement Act," proposes amendments to the National Housing Act to permit State-licensed appraisers to perform appraisals on properties tied to FHA-insured mortgages. The bill mandates that these appraisers meet educational and...
Simple Explanation
S. 3902 is a bill that wants to let special house-checkers, called appraisers, work on house loans connected to the government, as long as they know what they're doing. It also talks about fees, helps new appraisers with training, and gives money for learning how to be better at checking houses.