The Appraisal Modernization Act would give mortgage applicants a process to ask for one reconsideration of a home appraisal or request a later appraisal. A lender would review the appraisal before sharing it and explain how to make a request. Consumers could submit a request before closing or within 60 days after a credit application is denied. The bill also directs the Comptroller General to study whether a public appraisal database is feasible; it does not create the database. The bill was introduced and referred to House committees.
If you apply for credit secured by your main home, you could ask the lender to reconsider an appraisal you believe is unsupported, uses unacceptable practices, or reflects discrimination. You could provide information and up to five other comparable properties. In certain cases, the lender would have to order another appraisal and send information to a licensing or enforcement agency.
The lender would pay for a subsequent appraisal in the situations specified by the bill. If an enforcement agency makes a final finding of discrimination, the lender would receive reimbursement from the appraiser. The bill does not state the cost of the feasibility study or any other expenses.
No publicly available information.
No publicly available information.