Bill > HR5975

This bill aims to improve the home appraisal process by establishing new consumer protections and exploring the creation of a national public appraisal database. Specifically, the bill requires financial institutions to implement a formal review process that allows consumers to request a reconsideration of their property's appraisal value if they believe the initial appraisal is flawed or potentially discriminatory. The bill defines several "unacceptable appraisal practices," such as using unsupported data, making inappropriate property comparisons, or including subjective statements about a neighborhood. If a creditor identifies material deficiencies in an appraisal, they must either request corrections from the original appraiser or order a subsequent appraisal at their own expense. In cases where discrimination is suspected, the creditor must forward the appraisal report to appropriate enforcement agencies. Additionally, the bill mandates that the Comptroller General conduct a comprehensive study within 240 days to assess the feasibility of creating a public appraisal database, which would consolidate appraisal data from federal agencies like the Federal Housing Finance Agency and Department of Housing and Urban Development. The purpose of this potential database would be to help determine whether appraisers and financial institutions are serving the housing market consistently and fairly across all communities and mortgage applicants.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/5975/all-info