Sponsors (8)
Introduced July 17, 2025 by Raphael Gamaliel Warnock · Last progress July 17, 2025
The bill strengthens transparency, consumer remedies, and enforcement tools to detect and correct appraisal bias and improve valuation accountability, but it does so at the cost of borrower privacy risks, added compliance and appraisal-related expenses, and increased regulatory burdens that could slow lending or raise costs for consumers.
State and federal enforcement bodies (state attorneys general, FHFA, HUD, CFPB and other regulators) gain routine, unredacted appraisal-level access and clearer referral pathways to investigate and pursue discriminatory or unsafe lending.
Researchers, consumer advocates, homebuyers, and the public get searchable, appraisal-level datasets (including census tract and race/ethnicity fields) on a regular quarterly basis, improving detection of appraisal bias, market disparities, and timely monitoring of valuation trends.
Homebuyers and applicants gain a concrete remedy: the ability to request one reconsideration or a paid subsequent appraisal before closing or within 60 days of denial, plus standardized disclosures and submission formats that make it easier to challenge appraisals.
Borrowers — especially homeowners in small or rural tracts and members of racial/ethnic minority groups — face meaningful privacy and reidentification risks because published appraisal-level data include loan identifiers, census tract, and race/ethnicity fields.
Fannie, Freddie, FHA, USDA, VA, creditors and servicers will incur substantial compliance, processing, and operational costs to assemble legacy and quarterly datasets, implement standardized formats, order/cover subsequent appraisals, and retain records — costs that could be borne by taxpayers, lenders, or passed on to borrowers.
Appraisers and appraisal management companies face increased regulatory exposure, record submissions to enforcement agencies, potential reimbursement obligations, and greater compliance burden — risks that could raise professional liability, discourage supply, or increase appraisal fees.
Based on analysis of 3 sections of legislative text.
Creates a public, searchable appraisal-level database and gives consumers one right to request an appraisal reconsideration or a subsequent appraisal with new lender review and disclosure duties.
Creates a public, searchable database of residential appraisal-level data from federal housing agencies and enterprises and requires those entities to deliver legacy and ongoing modernized appraisal data on set timelines. Also adds a new consumer right and lender duties under the Truth in Lending Act that let a borrower request one appraisal reconsideration or a subsequent appraisal, requires appraisal review and standardized disclosures, and directs agencies to issue implementing rules.