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HR 5975119th CongressIn Committee
Appraisal Modernization Act
Introduced: Nov 7, 2025
Sponsor: Rep. Pressley, Ayanna [D-MA-7] (D-Massachusetts)
Standard Summary
Comprehensive overview in 1-2 paragraphs
The Appraisal Modernization Act amends the Truth in Lending Act to strengthen consumer protections in real‑estate appraisals, establishes a review and reconsideration process for consumers, requires subsequent appraisals and documentation retention, and mandates a study on creating a national public appraisal database.
Key Points
- 1Amends TILA to give consumers a right to reconsideration of appraisal value.
- 2Mandates creditor review procedures and consumer disclosure of reconsideration options.
- 3Requires subsequent appraisals and referral to licensing agencies when deficiencies or discrimination are identified.
- 4Imposes 7‑year retention of all documentation related to reconsideration requests.
- 5Authorizes the Federal Housing Finance Agency to issue a final rule on the new procedures.
- 6Creates a 240‑day feasibility study for a public appraisal database.
Impact Areas
Financial institutions and lendersAppraisal management companies and appraisersMortgage loan applicants and borrowersRegulatory agencies (FHFA, CFPB, state licensing boards)The public and researchers accessing appraisal data
Generated by openai/gpt-oss-20b:free on Nov 20, 2025