We have received text from H.R. 5975: Appraisal Modernization Act. This bill was received on 2025-11-07, and currently has no cosponsors.
Here is a short summary of the bill:
The Appraisal Modernization Act aims to improve the appraisal process for mortgage loans and fosters greater transparency and equity in home valuation. Here are the main points:
Consumer Rights and Appraisal Review
The bill introduces a right for consumers to request a reconsideration of the value of their appraisals if they believe the report may be inaccurate or biased. Key features include:
- Review Process: Creditors must conduct their own appraisal review before sharing the appraisal with the consumer.
- Notification: At the time of application and upon delivering the appraisal, creditors must provide a clear process for consumers to request a reconsideration or subsequent appraisal.
- Standardized Format: Creditors must use a specific format for consumers to submit their requests for reconsiderations, ensuring all necessary information is included.
- Subsequent Appraisal: If a consumer identifies material deficiencies or discrimination in an appraisal report, creditors are required to order a subsequent appraisal at their expense.
Unacceptable Appraisal Practices
The bill outlines what constitutes unacceptable appraisal practices, including:
- Using unsupported or subjective terms without proper context.
- Inaccurate data regarding the property or surrounding area.
- Inappropriate reliance on comparable properties not inspected personally by the appraiser.
- Discriminatory references within the appraisal report.
Public Appraisal Database
The legislation mandates a study on the feasibility of creating a national public appraisal database. The purpose is to enhance transparency in the housing market by:
- Consolidating appraisal data from relevant federal agencies.
- Providing insights into the efficiency of the appraisal process.
- Helping to identify trends and potential discrepancies in home valuations.
This database would include appraisal data across various agencies like the Federal Housing Finance Agency, Department of Housing and Urban Development, and others.
Reporting and Oversight
The bill requires the Comptroller General of the United States to issue a report within 240 days after enactment, evaluating the viability of the public appraisal database. The report will discuss:
- Costs and benefits of establishing and maintaining the database.
- Risks related to data privacy and business ethics.
- Examples of existing public appraisal data and potential data integration challenges.
Conclusion of Findings
After the Comptroller General's report, both the Senate and House committees will hold hearings to discuss the findings and assess the feasibility of creating the appraisal database.
Relevant Companies
- BRK.A (Berkshire Hathaway Inc.) - May be affected as they operate in real estate and finance sectors, with impacts on property evaluations.
- USFB (U.S. Federal Bank) - Directly involved in mortgage lending and could face changes in appraisal procedures.
Representative Ayanna Pressley Bill Proposals
Here are some bills which have recently been proposed by Representative Ayanna Pressley:
- H.R.5975: Appraisal Modernization Act
- H.R.5889: Eviction Helpline Act
- H.R.5657: Fair Pay for Federal Contractors Act of 2025
- H.R.4719: Freedom to Move Act
- H.R.4611: EACH Act of 2025
- H.R.4524: Equity in Government Act
You can track bills proposed by Representative Ayanna Pressley on Quiver Quantitative's politician page for Pressley.
Representative Ayanna Pressley Net Worth
Quiver Quantitative estimates that Representative Ayanna Pressley is worth $5.2M, as of November 20th, 2025. This is the 167th highest net worth in Congress, per our live estimates.
Pressley has approximately $0 invested in publicly traded assets which Quiver is able to track live.
You can track Representative Ayanna Pressley's net worth on Quiver Quantitative's politician page for Pressley.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
