Voters should care about this bill because home appraisals directly impact how much a house can be bought or sold for, and how large a mortgage someone can get. If appraisals are inconsistent or unfair, it can lead to people being denied loans, paying more for a home than it's worth, or having their home undervalued, which can hinder wealth building, especially in minority communities.
By making detailed appraisal data public, this bill aims to increase transparency and accountability in the housing market. If it becomes law, it could help identify and correct unfair or discriminatory appraisal practices, potentially leading to more accurate home values, fairer loan opportunities, and a more equitable housing market for all Americans. Without it, the current system for residential appraisals would remain largely private, making it much harder to spot widespread issues or systemic biases in valuations.
KEY PROVISIONS
4AI-extracted
PROVISION 01
Establishes a "Public Appraisal Database" to collect and provide residential real estate appraisal data to the public, the Federal Government, and State governments.
This creates a central, transparent resource for understanding home valuations, which does not currently exist at this scale.
PROVISION 02
Requires several federal housing agencies (Fannie Mae, Freddie Mac, FHA, USDA, VA) to provide both historical (since January 2017) and ongoing quarterly appraisal data to a central agency.
This ensures a comprehensive collection of data, providing both a historical context and up-to-date market information for analysis.
PROVISION 03
Mandates the central agency to make this collected appraisal data publicly available online in a searchable and downloadable format within two years of the bill's enactment.
This directly empowers the public, researchers, and policymakers to analyze appraisal trends and identify potential inconsistencies or biases.
PROVISION 04
Specifies that the public database must include detailed information at the individual appraisal level, such as property details, market data, appraiser credentials, and borrower demographics.
The granular level of detail allows for in-depth analysis of specific appraisal practices and potential disparities across different groups or areas.
Voters should care about this bill because home appraisals directly impact how much a house can be bought or sold for, and how large a mortgage someone can get. If appraisals are inconsistent or unfair, it can lead to people being denied loans, paying more for a home than it's worth, or having their home undervalued, which can hinder wealth building, especially in minority communities.
By making detailed appraisal data public, this bill aims to increase transparency and accountability in the housing market. If it becomes law, it could help identify and correct unfair or discriminatory appraisal practices, potentially leading to more accurate home values, fairer loan opportunities, and a more equitable housing market for all Americans. Without it, the current system for residential appraisals would remain largely private, making it much harder to spot widespread issues or systemic biases in valuations.
KEY PROVISIONS
AI-extracted
high
Establishes a "Public Appraisal Database" to collect and provide residential real estate appraisal data to the public, the Federal Government, and State governments.
This creates a central, transparent resource for understanding home valuations, which does not currently exist at this scale.
high
Requires several federal housing agencies (Fannie Mae, Freddie Mac, FHA, USDA, VA) to provide both historical (since January 2017) and ongoing quarterly appraisal data to a central agency.
This ensures a comprehensive collection of data, providing both a historical context and up-to-date market information for analysis.
high
Mandates the central agency to make this collected appraisal data publicly available online in a searchable and downloadable format within two years of the bill's enactment.
This directly empowers the public, researchers, and policymakers to analyze appraisal trends and identify potential inconsistencies or biases.
med
Specifies that the public database must include detailed information at the individual appraisal level, such as property details, market data, appraiser credentials, and borrower demographics.
The granular level of detail allows for in-depth analysis of specific appraisal practices and potential disparities across different groups or areas.
Not later than 180 days after the date of enactment.
Federal agencies must provide "legacy appraisal data" (January 1, 2017, to enactment date).
Not later than 1 year after the date of enactment, and on a quarterly basis thereafter.
Federal agencies must provide "modernized appraisal data" (previous quarter's data).
Not later than 2 years after the date of enactment.
The Director, in consultation with relevant Secretaries, must make the "legacy appraisal database" publicly available online.
Not later than 2 years after the date of enactment, and on a quarterly basis thereafter.
The Director, in consultation with relevant Secretaries, must make the "modernized appraisal database" publicly available online.
GLOSSARY
AI-written
Appraisal
An expert's opinion of a property's value, usually required when buying a home with a mortgage to ensure the loan amount is appropriate for the property's worth.
Mortgage Loan
A loan used to buy or refinance a home, where the home itself serves as collateral (security) for the money borrowed.
Financial Institution
Any company or organization involved in financial activities, such as banks or credit unions, that provide services like mortgage loans.
Appraisal Management Company (AMC)
A company that acts as a middleman between lenders and appraisers, coordinating the appraisal process for mortgage transactions.
Federal Housing Enterprises Safety and Soundness Act of 1992
A law that oversees government-sponsored housing entities like Fannie Mae and Freddie Mac to ensure they are financially stable and operating safely, and to promote affordable housing.
Census Tract
A small, relatively permanent statistical subdivision of a county, used by the U.S. Census Bureau to collect and publish population and housing data.
Universal Loan Identifier (ULI)
ACTION TIMELINE
2 EVENTS
JUL 17, 25
Introduced in Senate
INTROREFERRAL
JUL 17, 25
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
A unique tracking number for mortgage loan applications required by the Home Mortgage Disclosure Act, helping to identify loans across different reporting systems.
