Appraisal Modernization Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Appraisal Modernization Act aims to improve the consistency and fairness of home appraisals by requiring financial institutions, appraisal management companies, and appraisers to adhere to specific standards. It establishes a process for consumers to challenge appraisals and obtain subsequent evaluations if they believe the initial appraisal is inaccurate or discriminatory. The bill also directs a study into the feasibility of creating a national public appraisal database to enhance transparency and accountability in the appraisal industry.
Key provisions
- Requires financial institutions to offer consumers a process to reconsider or challenge appraisal reports.
- Defines unacceptable appraisal practices, including those using unsupported data or discriminatory factors.
- Mandates creditor review of appraisal reports and provides a mechanism for subsequent appraisals if deficiencies are found.
- Establishes a process for creditors to investigate and address potential appraisal discrimination.
- Directs the Comptroller General to assess the feasibility of a national public appraisal database.
- Requires covered agencies to report on the costs and benefits of a public appraisal database.
- Specifies the data to be included in the potential public database, including legacy data.
- Outlines a consultation process involving various stakeholders to inform the database feasibility study.
Who is affected
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Sponsors
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1 on record
Primary sponsor
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