Updates federal appraisal rules for mortgages insured by the Federal Housing Administration (FHA), raises minimum qualifications and training for appraisers doing FHA work, and creates a defined category of "State credentialed trainee appraisers." It also gives the Appraisal Subcommittee new flexibility to change annual registry fee formulas, authorizes that Subcommittee to make workforce and training grants to State appraiser agencies, and amends related federal oversight language to reflect these changes.