S.Amdt. 4324

This amendment, proposed by Mr. Warnock, Ms. Blunt Rochester, and Mr. Blumenthal, seeks to add two main components to bill H.R. 6644 to address how residential real estate is valued.

Public Appraisal Database

The amendment aims to create a public, searchable, and downloadable online database of residential appraisal data. This database is intended to help the public and government entities determine if valuation professionals are serving the housing market in a consistent and efficient manner for all borrowers and communities.

• Data Collection: It requires agencies like the Federal Housing Administration, the Department of Veterans Affairs, the Department of Agriculture, and others to share both "legacy" data (from January 1, 2017) and "modernized" quarterly data.
• Information Included: The database would include detailed records such as property addresses, appraiser identification, market data, borrower race and ethnicity, and specific property details (like number of bedrooms and energy features).
• Access: While the public gets a searchable file, unredacted information would be available to specific executive agencies and state regulators for enforcement purposes.

Reconsideration of Value

The amendment also adds a consumer right to request a "reconsideration of value" or a subsequent appraisal for a principal dwelling.

• Consumer Rights: Borrowers can request a review if they believe an appraisal is unsupported, reflects discrimination, or is deficient due to an "unacceptable appraisal practice" (such as using inaccurate data or mentioning crime rates).
• Creditor Requirements: Creditors must provide written disclosures on how to request this review and must have a standardized process to communicate these requests to appraisers.
• Subsequent Appraisals: If material deficiencies are found or if there is a "reason to believe" discrimination occurred, the creditor must order a new appraisal at their own expense. In cases of proven discrimination, the creditor can be reimbursed by the appraiser for the cost of that new appraisal.