Bill > S4340

This bill, the Getting Renewable and Energy Efficient Neighborhoods Appraisals Act of 2024 (or the GREEN Appraisals Act of 2024), aims to provide for accurate energy appraisals in connection with residential mortgage loans. The key provisions of the bill include: 1. Requiring creditors to disclose to borrowers their right to provide an energy report on the property for consideration during the home appraisal or loan application process. 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 in 2026, that creditors provide the energy report to the appraiser and that their underwriting systems accommodate appraisals that consider the energy report. 4. Directing qualified appraisers to take the energy report information into consideration when developing the appraised value of the property. 5. Establishing an advisory committee to provide guidance to the covered agencies (e.g., FHA, FHFA, VA) on implementing these requirements, including procedures for consumer disclosures, preparation and sharing of energy reports, and review of appraisals. The goal of the bill is to ensure that the energy efficiency and renewable energy characteristics of a property are properly considered in the home appraisal and mortgage loan process.