Bill > S4671

This bill, the Getting Renewable and Energy Efficient Neighborhoods Appraisals Act of 2022 (GREEN Appraisals Act of 2022), aims to provide for accurate energy appraisals in connection with residential mortgage loans. The key provisions of the bill include: 1. Requiring creditors to provide borrowers with a written disclosure about their right to request an energy report and how the information in the report will be considered by the appraiser. 2. Mandating that creditors use the appraised value of the property as determined by a qualified appraiser, and prohibiting the rejection of a home appraisal or loan application based solely on the consideration of an energy report. 3. Requiring that on and after March 1, 2024, creditors must provide the appraiser with any available energy report when the appraiser receives the assignment, and that underwriting or verification systems must accommodate appraisals that consider the energy report. 4. Directing the heads of the covered agencies (e.g., FHA, FHFA, GNMA) to jointly prescribe guidance for creditors to implement these requirements, including procedures for consumer disclosures, energy report preparation and sharing, and the provision of reports to qualified appraisers. 5. Defining key terms, such as "energy report" and "qualified appraiser," and setting out requirements for the content and preparation of energy reports.