Bill > HR8577

This bill, the Getting Renewable and Energy Efficient Neighborhoods Appraisals Act of 2022 (or the GREEN Appraisals Act of 2022), aims to provide accurate energy appraisals in connection with residential mortgage loans. The key provisions of the bill include: 1. Requiring creditors to disclose to borrowers that they can provide an energy report for consideration during a home appraisal or loan application, and that the appraiser will take the energy report into consideration when developing the property's appraised value. 2. Mandating that creditors use the appraised value determined by a qualified appraiser, and prohibiting the rejection of a home appraisal or loan application solely based on the consideration of an energy report. 3. Requiring, starting March 1, 2024, that creditors provide the appraiser with the energy report and that underwriting or verification systems accommodate appraisals that consider the energy report. 4. Directing qualified appraisers to consider the energy efficiency characteristics, renewable energy features, estimated energy savings, and energy consumption of the property when developing the appraised value. 5. Establishing an advisory committee to advise the heads of the covered agencies (e.g., FHA, FHFA, VA) on the implementation of these requirements, including the development of guidance for creditors. The overall aim of the bill is to ensure that energy-efficient and renewable energy features are properly valued in the home appraisal process, which can help improve the ability of homeowners to obtain mortgage loans.