Page:United States Statutes at Large Volume 101 Part 2.djvu/338

 101 STAT. 1324

PUBLIC LAW 100-198—DEC. 21, 1987

half of one percent of the balance of such loan on the date of the transfer of the property.". SEC. 11. APPRAISALS. (a) QuAUFiCATiONS OF APPRAISERS.—(1) Section 1831(a)(1) is amended— (A) by striking out "(1)" and inserting in lieu thereof "(1) subject to subsection (b)(2) and"; and (B) by inserting before the semicolon at the end the following: ", including the successful completion of a written test, submission of a sample appraisal, certification of an appropriate number of years of experience as an appraiser, and submission of recommendations from other appraisers". (2) Section 1831(b) is amended— (A) by striking out "(b)" and inserting in lieu thereof "(b)(1)"; and (B) by adding at the end the following new paragraph: "(2) If uniform qualifications become applicable for appraisers who perform appraisals for or in connection with the Federal Government, the qualifications required by subsection (a)(1) of this section may be more stringent than such uniform qualifications, but the Administrator may use no written test in determining the qualifications of appraisers other than the test prescribed to implement such uniform qualifications.". (b) REVIEW OF APPRAISALS.—Section 1831 is amended— Reports.

Reports.

Termination date.

(1) in subsection (c), by striking out "The Administrator shall, upon request," and inserting in lieu thereof "Except as provided in subsection (f) of this section, the appraiser shall forward an appraisal report to the Administrator for review. Upon receipt of such report, the Administrator shall determine the reasonable value of the property, construction, repairs, or alterations for purposes of this chapter, and notify the veteran of such determination. Upon request, the Administrator shall"; (2) in subsection (d), by inserting "(other than a lender authorized under subsection (0 of this section to determine reasonable value)" after "lender"; and (3) by adding at the end the following new subsection: "(f)(1) Subject to the provisions of paragraphs (2) and (3) of this subsection, the Administrator may, in accordance with standards and procedures established in regulations prescribed by the Administrator, authorize a lender to determine the reasonable value of property for the purposes of this chapter if the lender is authorized to make loans which are automatically guaranteed under section 1802(d) of this title. In such a case, the appraiser selected by the Administrator pursuant to subsection (b) of this section shall submit the appraisal report directly to the lender for review, and the lender shall, as soon as possible thereafter, furnish a copy of the appraisal to the veteran who is applying for the loan concerned and to the Administrator. "(2) In exercising the authority provided in paragraph (1) of this subsection, the Administrator snail assign a sufficient number of personnel to carry out an appraisal-review system to monitor, on at least a random-sampling basis, the making of appraisals by appraisers and the effectiveness and the efficiency of the determination of reasonable value of property by lenders. "(3) The authority provided in this subsection shall terminate on October 1, 1990.".

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