AMA

[djd09]

New Bill Empowers Homeowners to Appeal Bias in Home Appraisals​

U.S. Sen. Reverend Raphael Warnock and five of his Senate colleagues have introduced new legislation to address appraisal bias in the home buying and selling processes. Under the Appraisal Modernization Act, the nation’s homebuyers would be equipped with more data and tools to fight bias that would lower their homes’ values.

The Appraisal Modernization Act would:

• Increase transparency to support oversight and enforcement against bias by requiring the Federal Housing Finance Agency (FHFA) to publish an online database of property-level appraisal and other home valuation data that lenders collect in connection with a mortgage application.
• Protect and empower consumers by codifying a consumer’s right to appeal a home valuation (also known as a Reconsideration of Value [ROV]) or request a second appraisal and directing the development of standardized policies to ensure consistent treatment of consumers who request an ROV or second appraisal.

Research from Brookings has found that homes in Black neighborhoods are valued roughly 21% to 23% below what their valuations would be in non-Black neighborhoods.

“Home valuations are a critical part of the mortgage lending process and ensuring families can build generational wealth through homeownership,” said Sen. Warnock. “This bill is an important next step in helping Georgia families and all Americans realize the full value of their homes, and it empowers them with more data and tools to fight bias that would lower their homes’ values.”

The Appraisal Modernization Act is cosponsored by Sens. Angela Alsobrooks, Lisa Blunt Rochester, Cory Booker, Andy Kim, and Elizabeth Warren.

“For far too long, the American Dream of buying a home has been kept out of reach for families of color by a system that is fundamentally broken,” said Sen. Kim. “Every family should be able to achieve that dream, and this bill will take common sense steps to make the changes needed to make those dreams come true.”

Inconsistency in the appraisal market can disrupt the entire housing ecosystem by improperly inflating or deflating home values, while bias can perpetuate historic disinvestment in communities of color and contribute to the widening racial and ethnic wealth and homeownership gaps. That is why industry stakeholders and fair housing advocates have long supported increasing transparency in appraisal data and why most responsible lenders believe ROV is an important part of maintaining the integrity of the appraisal process. Several studies have also identified a clear relationship between lower valuations and Black neighborhoods and revealed overt references to race in appraisals. On average, today White families hold $1.3 million in wealth, compared to $211,000 for Black and $227,000 for Latino families. For most Americans, the largest driver of wealth is their home.

James Nabors II, President of the National Association of Mortgage Brokers (NAMB), said: “As President of NAMB, I will always support any legislation that ensures the fairness, protection, and privacy of homebuyers, and I applaud Sen. Warnock for leading this effort. The reality is that we must be thorough in the quest to protect consumers, and we hope that your colleagues will consider this important bill as it navigates the legislative process.”

In March 2025, Sen. Warnock introduced a comprehensive legislative package of housing bills to address the ongoing housing affordability and availability crisis in the U.S. In the past few years, Sen. Warnock voted for government funding legislation that increased America’s housing supply, strengthened housing affordability, and addressed the homelessness crisis, including by: increasing the supply of affordable housing nationwide with funding to build 10,000 new rental and homebuyer units; extending funding for the Yes In My Backyard (YIMBY) grant program to support efforts to increase our nation’s housing supply and lower housing costs through state and local zoning changes; and delivering $275 million in new funding for Homeless Assistance Grants to help address homelessness in communities across the country and providing new resources to better connect people experiencing homelessness with health care services.

“An appraisal has the power to determine the value of a consumer’s most important financial asset and can hold the key to determining whether the consumer is able to purchase a permanent home rather than rent, access credit on reasonable terms, and build wealth for generations to come,” said Nikitra Bailey, EVP of the National Fair Housing Alliance (NFHA). “NFHA commends Senator Warnock and his colleagues for a sensible bill designed to help consumers, appraisers, and lenders obtain the data necessary to ensure home valuations are fair and consistent.”

Click here for more on Sen. Warnock’s Appraisal Modernization Act.

New Bill Empowers Homeowners to Appeal Bias in Home Appraisals - The MortgagePoint

Under the Appraisal Modernization Act, homebuyers would be equipped with more data and tools to help address potential biases within the appraisal process.

themortgagepoint.com

oh the mortgage brokers hate the independent appraiser...why

 

[djd09]

New Bill: Senator Raphael G. Warnock introduces S. 2322: Appraisal Modernization Act​

We have received text from S. 2322: Appraisal Modernization Act. This bill was received on 2025-07-17, and currently has 6 cosponsors.

Here is a short summary of the bill:

This bill, known as the Appraisal Modernization Act, aims to improve the appraisal process related to mortgage lending by introducing several key measures that enhance transparency and consumer rights. Below is a summary of its main provisions:

Public Appraisal Database​

The bill proposes the creation of a public appraisal database that will collect and share residential real estate appraisal data. This database intends to ensure that financial institutions and valuation professionals operate in an efficient and standardized manner for all stakeholders in the housing market, including mortgage loan applicants and borrowers.

• The database will include appraisal data from the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and other government agencies, dating back to January 1, 2017.
• Data shared will consist of various identifiers and demographic details related to mortgage applicants, including the race and ethnicity of borrowers.

Searchable Public Database​

A publicly accessible online database will be made available, which will contain detailed, searchable appraisal data. This will allow consumers, researchers, and government agencies to review appraisal data more effectively.

• The database is intended to be ready within two years of the enactment of this bill, with quarterly updates afterwards.

Consumer Right to Reconsideration​

The bill grants consumers the right to request a reconsideration of an appraisal's value or to request a subsequent appraisal if they believe the initial appraisal is flawed or biased.

• Creditors must have clearly defined procedures for consumers to initiate this process before loan closure or within 60 days of a credit application denial.
• Consumers will be provided with written notice explaining how to request a reconsideration, including a standardized form for submissions.

Review Process for Appraisals​

Creditors are required to perform an appraisal review before delivering the appraisal to the consumer. If deficiencies are identified, creditors must order a second appraisal at their expense and document their findings.

Addressing Discrimination in Appraisals​

The bill emphasizes the need for creditors to act if they suspect that an appraisal reflects discrimination. They are required to take specific steps in such situations, including ordering a subsequent appraisal and reporting the findings to relevant agencies.

Data Privacy and Security​

The Agency overseeing this database will have the authority to modify data releases to protect consumer privacy, ensuring that any public data sharing does not compromise personal information.

Compliance and Implementation Timeline​

Following the bill's enactment, the relevant agencies will have specific timelines to implement these provisions, including issuing rules and guidelines for compliance within a year.

Financial Institutions and Stakeholders Involved​

The bill makes provisions for how financial institutions and appraisal companies should align their practices with these new requirements, promoting consistency and fairness within the housing and mortgage markets.

...

The database will include appraisal data from the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and other government agencies, dating back to January 1, 2017.

Fannie will be violating confidentiality if they publish appraisals from back in 2017.

 

[Surf Cat]

That Warnock dude is under the assumption that appraisers have some sort of power over the loan process....he's digging in the wrong place....

 

[Terrel L. Shields]

Under the Appraisal Modernization Act, the nation’s homebuyers would be equipped with more data and tools to fight bias that would lower their homes’ values.

Another false flag attack on appraisers. I have contacted my senators and my representative opposing this bill.

 

[Dublin ohio]

Another false flag attack on appraisers. I have contacted my senators and my representative opposing this bill.

Both of Ohio's senators are both republicans and Jim Jordan represents my district. They will be hearing from me

 

[timd354]

That Warnock dude is under the assumption that appraisers have some sort of power over the loan process....he's digging in the wrong place....

This is really not about appraisers at all, Warnock is jut a another race grifter and this is just the latest potential race grift that came to his attention...Next month it will be something else.

 

[djd09]

this bill is clearly about appraisers...i dont know what you are reading

 

[timd354]

this bill is clearly about appraisers...i dont know what you are reading

Warnock knows that this bill has no chance of passing, which is why it is not really about appraisers per se but is just part of his typical race grift.

 

[Tom D]

New line on the market grid: functional racism.

 

[djd09]

Senator Reverend Raphael Warnock advances bipartisan legislation to address the national housing crisis​

Tuesday, July 30th, Senator Reverend Raphael Warnock voted to advance legislation that will improve access to affordable housing. The housing legislation was voted out of the Senate Banking Committee by a vote of 24-0 and will now go to the full Senate.

Senator Reverend Raphael Warnock advances bipartisan legislation to address the national housing crisis

Today, Tuesday, July 30th, Senator Reverend Raphael Warnock voted to advance legislation that will improve access to affordable housing.

www.wuga.org

no chance of passing...