Appraisal Modernization Act

Right to challenge your home appraisal

If enacted, you could ask your lender to reconsider your home’s appraisal for a loan on your main home. You would get one request per loan, made before closing or within 60 days after a denial. You could submit up to five alternative comparable homes and other data using a standard form. Lenders would have to review the appraisal before giving it to you, follow set steps to process your request, keep records for 7 years from your application date, and set clear timelines for appraisers. If the appraisal has major errors, unacceptable practices, or appears discriminatory, the lender would order and pay for a new appraisal and send findings to the right agency. If an agency later confirms discrimination, the appraiser would reimburse the lender for that new appraisal. The Federal Housing Finance Agency would have one year after enactment to issue final rules and guidance to enforce these protections.