Page:United States Statutes at Large Volume 104 Part 5.djvu/812

 104 STAT. 4134 PUBLIC LAW 101-625—NOV. 28, 1990 Subtitle B—FHA and Secondary Mortgage Market SEC. 321. LIMITATION ON FHA INSURANCE AUTHORITY. Section 531(b) of the National Housing Act (12 U.S.C. 1735f-9(b)) is amended to read as follows: "(b) Notwithstanding any other provision of law and subject only to the absence of qualified requests for insurance, to the authority provided in this Act, and to the limitation in subsection (a), the Secretary shall enter into commitments to insure mortgages under this Act with an aggregate principal amount of $76,791,000,000 during fiscal year 1991 and $79,818,000,000 during fiscal year 1992.". SEC. 322. APPRAISAL SERVICES. Section 202(e) of_the National Housing Act (12 U.S.C. 1708(e)) is amended by adding at the end the following new paragraphs: "(3) DIRECT ENDORSEMENT PROGRAM. — "(A) Any mortgagee that is authorized by the Secretary to process mortgages as a direct endorsement mortgagee (pursuant to the single-family home mortgage direct endorsement program established by the Secretary) may contract with an appraiser chosen at the discretion of the mortgagee for the performance of appraisals in connection with such mortgages. Such appraisers may include appraisal companies organized as corporations, partnerships, or sole proprietorships. "(B) Any appraisal conducted pursuant to subparagraph (A) shall be conducted by an individual who complies with the qualifications or standards for appraisers established by the Secretary pursuant to section 202(e) of the National Housing Act. "(C) In conducting an appraisal, such individual may utilize the assistance of others, who shall be under the direct supervision of the individual responsible for the appraisal. The individual responsible for the appraisal shall personally approve and sign any appraisal report. "(4) FEE PANEL APPRAISERS. — "(A) Any individual who is an employee of an appraisal company (including any company organized as a corporation, partnership, or sole proprietorship) and who meets the qualifications or standards for appraisers and inclusion on appraiser fee panels established by the Secretary, shall be eligible for assignment to conduct appraisals for mortgages under this title in the same manner and on the same basis as other approved appraisers. "(B) With respect to any employee of an appraisal company described in subparagraph (A) who is offered an appraisal assignment in connection with a mortgage under this title, the person utilizing the appraiser may contract directly with the appraisal company employing the appraiser for the furnishing of the appraisal services.". SEC. 323. INCREASE IN MORTGAGE LIMIT. Section 203(b)(2) of the National Housing Act (12 U.S.C. 1709(b)(2)) is amended by striking "150 percent (185 percent until October 31,

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