119th (2025–2027)
H.R. 5975
The Appraisal Modernization Act would give homebuyers new rights to challenge potentially flawed or discriminatory property appraisals in mortgage transactions. Under the bill, borrowers could request that lenders review an appraisal if they believe it contains unsupported conclusions, relies on incomplete data, uses inappropriate comparison properties, or reflects discrimination. Lenders would be required to establish clear procedures for handling these requests, provide borrowers with written disclosure forms, and in cases where serious problems are identified, order a new appraisal at the lender's expense. The bill also directs the Government Accountability Office to study the feasibility of creating a publicly searchable national database of appraisal data within 240 days, which could help policymakers and the public assess whether appraisers are treating all borrowers and communities fairly and consistently. The actual implementation of the appraisal database would require future congressional action, but the Federal Housing Finance Agency must issue rules within one year to enforce the new borrower protections.