The Appraisal Modernization Act would create a public, searchable database of residential property appraisal data tied to certain mortgage loans. Federal housing agencies would send past data and then provide updated data quarterly. The database would include details about properties, appraisals, loans, and borrowers, including race and ethnicity. The agency could limit public data when needed to protect privacy.
The bill would also require creditors to review appraisals before giving them to consumers and provide a process for consumers to request one reconsideration of value or a later appraisal. It defines appraisal practices that may be unacceptable, including using unsupported information or references to crime. Creditors would have to refer certain appraisal concerns to regulators or enforcement agencies and keep related records for seven years.
If you apply for credit secured by your main home, the creditor would have to explain how to request a review of an appraisal. You could submit one request before closing or within 60 days after a credit application is denied. You could include information and up to five other comparable properties. In certain cases, you could ask the creditor to order another appraisal.
The bill does not state general program costs or consumer fees. In specified cases involving material appraisal problems, a creditor would pay for a later appraisal if the consumer requests one. If discrimination is finally established, the appraiser would reimburse the creditor for the cost of the later appraisal.
No publicly available information.
No publicly available information.