Appraisal Modernization Act

This bill would require mortgage lenders to have a process that lets a home loan applicant ask once for a reconsideration of value or a second appraisal if they believe the appraisal is unsupported, uses unacceptable practices, or reflects discrimination. Lenders would have to explain this process in writing and, in certain cases, order a new appraisal at their own cost and report the original appraisal to licensing or enforcement agencies. The bill defines unacceptable appraisal practices, including mentioning crime rates. The Federal Housing Finance Agency would have to issue a final rule within 1 year. The Government Accountability Office would study whether to create a public national database of appraisal data, and House and Senate committees would hold hearings on the findings.

Full text and official record on Congress.gov

Sponsors

• Ayanna Pressley Democrat sponsor
• 0 cosponsors