Legislative Update

 

T82(R) HB 2375 - Engrossed Version 

4/29/2011

Bill Analysis

 

HB 2375 was signed by the Governor on May 27, 2011 and is effective immediately. Section 1103, Occupations Code is amended.  This "TALCB Cleanup Bill" effectively changes and clarifies that a person must be certified or licensed as an appraiser to perform appraisals in Texas.  Appraisal is an opinion of value. 

 

BPOs are also clarified as to what it is and when it can be done. 

See above TREC Advisor.

 

http://greaterdallasnaifa.com/newsandevents.html

 

http://www.capitol.state.tx.us/BillLookup/History.aspx?LegSess=82R&Bill=HB2375
HB_2375_Engrossed_4-29-2011.pdf
 

 


Fannie Mae:  Announcement SEL-2010-09 dated June 30, 2010

Important changes have been announced by Fannie Mae including:
 
  • Inclusion of interior photographs in the appraisal report
  • Lender changes to the appraisal value and guidance on addressing appraisal deficiencies
  • Appraiser selection criteria
  • Sources of comparable sales
  • Communication under the HVCC
  • Seller concessions
  • Treatment of personal property
  • Market Conditions Addendum to the Appraisal Report (Form 1004MC)
The Appraisal Guideline changes are located on pages 469 through 545 of 
"Selling Guide:  Fannie Mae Single Family"

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All HUD Letters:

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See NAIFA Home page for updates on National issues at:   http://NAIFA.com/
Our Chapter. LINKS takes you to various informative sites including the NAIFA web site, 
 OPEN RECORDS, HUD/FHA Approved Appraisers List, the State of Texas, and others. The NAIFA's Web Site at
http://naifa.com/ for Chat Rooms and discussion groups on HUD/FHA, the Internet, Relocation, GENERAL Discussion, and others.