[Congressional Record Volume 140, Number 76 (Thursday, June 16, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


[Congressional Record: June 16, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
     IN SUPPORT OF THE $250,000 THRESHOLD FOR LICENSED REAL ESTATE 
                               APPRAISALS

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentlewoman from Washington [Mrs. Unsoeld] is recognized for 5 minutes.
  Mrs. UNSOELD. Mr. Speaker, when the Housing and Community and 
Development Act of 1994 comes to the floor, an amendment may be offered 
to require that licensed or certified appraisers be used for all real 
estate loans--no matter how small. I urge the House to oppose such a 
requirement.
  In 1993 the Federal Deposit Insurance Corporation [FDIC] proposed a 
$250,000 threshold for licensed real estate appraisals and took a year 
to review thousands of comments from parties on both sides of the 
issue. After careful scrutiny, they determined that such a threshold 
would streamline the loan process without jeopardizing the safety and 
soundness of financial institutions.
  There are some in Congress who would reverse the FDIC's decision. I 
hope that the House will consider their arguments closely and 
skeptically.
  The real estate appraisal process can delay a loan for weeks or even 
months and cost several hundred dollars--an expense that is passed 
directly on to buyers. Should low-to-moderate income borrowers and 
small businesses continue to shoulder this unnecessary burden? I for 
one don't think so. I hope that my colleagues will join me in opposing 
efforts to remove the $250,000 threshold for licensed or certified 
appraisals.

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