Sponsors (8)
Introduced July 17, 2025 by Raphael Gamaliel Warnock · Last progress July 17, 2025
The bill improves appraisal transparency, oversight, and remedies for discriminatory valuations—benefiting homeowners, researchers, and enforcement agencies—at the cost of substantial privacy risks and increased compliance, operational, and legal burdens that could raise fees, slow transactions, and strain small lenders and appraisers.
Homeowners, buyers, and renters gain access to a searchable national appraisal database that increases transparency about valuations and comparable sales, helping consumers understand local market values.
Homeowners—especially racial and ethnic minorities—and researchers can use standardized appraisal data (including demographic and census-tract fields) to detect appraisal discrimination and measure market disparities.
Borrowers who allege discriminatory appraisals and the public gain stronger enforcement and accountability: creditors must refer allegations to enforcement agencies, report material deficiencies to licensing boards, and retain records for seven years, increasing the chance of remediation.
Homeowners, mortgage applicants, and protected classes risk exposure of sensitive personal information (including race/ethnicity and detailed property identifiers) in public files, and discretionary privacy waivers may not reliably prevent release of high-risk fields.
Banks, nonbank creditors, and appraisal-management firms will face substantial compliance and operational costs to collect, sanitize, transmit, and maintain standardized appraisal data and to implement FHFA notice-and-comment rules, with disproportionate burdens on smaller lenders.
Homeowners and borrowers may face higher mortgage processing costs or fees because creditors must perform reviews, order paid appraisals, and keep seven-year records, and those added costs could be passed to consumers.
Based on analysis of 3 sections of legislative text.
Creates a public federal appraisal-level database and gives borrowers a right to request appraisal reconsideration or a new appraisal, with new lender duties and rulemaking requirements.
Creates a nationwide public database of residential real estate appraisal-level data and requires major housing agencies and enterprises to deliver legacy and ongoing appraisal data to the Federal Housing Finance Agency for public release. Gives mortgage borrowers a new consumer right to request a reconsideration of value or a subsequent appraisal and requires lenders to maintain appraisal-review processes, order and pay for follow-up appraisals in covered circumstances, and report material deficiencies or discrimination to regulators.