Bill > S2322

This bill, known as the Appraisal Modernization Act, aims to improve transparency and fairness in the residential real estate appraisal process by establishing a comprehensive public appraisal database and creating a consumer-friendly mechanism for challenging potentially inaccurate or discriminatory appraisals. The bill requires federal agencies like Fannie Mae, Freddie Mac, and the Federal Housing Administration to share detailed appraisal data from mortgage loan applications, dating back to January 2017, which will be compiled into a publicly accessible online database within two years. The database will include extensive information about appraisals, such as property details, market data, comparable property information, and demographic data. Additionally, the bill introduces a new process allowing consumers to request a reconsideration of an appraisal's value if they believe the appraisal is unsupported, contains deficiencies, or potentially reflects discrimination. Under this process, creditors must provide a standardized method for consumers to submit requests for review, and if significant issues are identified, the creditor may be required to order a subsequent appraisal at their own expense. The overall goal is to increase transparency, accountability, and fairness in the residential real estate appraisal process, with particular attention to potentially discriminatory practices.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2322/all-info