New Rights to Challenge Home Appraisals and Fight Valuation Bias.
This law introduces new rules giving citizens the right to challenge a property appraisal if they believe it is unfair, incorrect, or discriminatory. If discrimination is suspected, the lender must order a new appraisal at their own expense and report the issue to enforcement agencies. Furthermore, the act mandates a study into creating a public appraisal database to increase transparency and fairness in the housing market.
Key points
Right to Reconsideration: Consumers can request a review or a subsequent appraisal before loan closing if they dispute the initial valuation, providing specific reasons and alternative data.
Combating Discrimination: If a lender suspects an appraisal reflects discrimination, they must order a subsequent appraisal at their expense and report the issue to appropriate enforcement agencies.
Increased Transparency: A study will assess the feasibility of creating a public database of aggregated appraisal data to monitor fairness and consistency in home valuations.
Status:
Introduced
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