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119-s-2322119th CongressWALLET

Appraisal Modernization Act

Sponsored By: Senator Warnock, Raphael G. [D-GA]

Introduced

Summary

This bill would create a national Public Appraisal Database to make appraisal records transparent and would give homebuyers a formal process to challenge or get a new appraisal when concerns arise.

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  • Families and borrowers gain a formal reconsideration process that lets them submit one challenge before closing or within 60 days of denial; if problems or discrimination remain, the creditor must pay for a subsequent appraisal and certain reports must be forwarded to licensing or enforcement bodies. Documents related to reconsideration must be kept for seven years.
  • Mortgage providers and valuation players must deliver legacy appraisal data within 180 days and modernized data within 1 year, then provide quarterly updates; a public searchable database and a modernized database must be online within 2 years and updated quarterly.
  • Federal regulators, state appraiser regulators, and certain enforcement agencies get access to unmodified data for oversight; the public database will include appraisal-level details plus census tract and the Home Mortgage Disclosure Act race and ethnicity fields to help spot market patterns and potential bias.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 0 costs, 2 mixed.

Public national home appraisal database

If enacted, the Agency would publish two public databases of home appraisals. Agencies must deliver appraisals from Jan 1, 2017 within 180 days and start quarterly submissions within 1 year. The Agency must make both databases searchable and downloadable within 2 years and update the modern file every quarter. Records would include detailed appraisal, property, comparable, and loan fields, including borrower race and ethnicity. The Agency could redact some public data to reduce privacy risks, but federal and state regulators could get unredacted data for enforcement.

New appraisal review rights for homeowners

If enacted, you could ask for one appraisal reconsideration or one new appraisal for a loan on your main home. Lenders would have to review appraisals before giving them to you and give standard notices and a form at application and at delivery. You must file your request before closing or within 60 days after a denial. Lenders must keep all related records for seven years. If serious errors or discrimination are found, the lender must order and pay for a new appraisal and send results to regulators. FHFA would have to finish related rules within 1 year.

Sponsors & CoSponsors

Sponsor

Warnock, Raphael G. [D-GA]

GA • D

Cosponsors

  • Sen. Alsobrooks, Angela D. [D-MD]

    MD • D

    Sponsored 7/17/2025

  • Sen. Blunt Rochester, Lisa [D-DE]

    DE • D

    Sponsored 7/17/2025

  • Sen. Kim, Andy [D-NJ]

    NJ • D

    Sponsored 7/17/2025

  • Sen. Booker, Cory A. [D-NJ]

    NJ • D

    Sponsored 7/17/2025

  • Sen. Warren, Elizabeth [D-MA]

    MA • D

    Sponsored 7/17/2025

  • Sen. Warner, Mark R. [D-VA]

    VA • D

    Sponsored 7/28/2025

  • Sen. Blumenthal, Richard [D-CT]

    CT • D

    Sponsored 12/16/2025

Roll Call Votes

No roll call votes available for this bill.

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