New Property Appraisal Rules: Transparency and Reconsideration Rights
This act establishes a public database of property appraisals, increasing market transparency. It also grants citizens the right to request a reconsideration of their property's value if they believe the initial appraisal is flawed or discriminatory. The goal is to ensure fair and consistent appraisals for all mortgage loan applicants.
Key points
Creation of a public, searchable database of property appraisal data, including historical and current valuations.
Empowering citizens to request a reconsideration of property value if an appraisal appears unsupported, deficient, or discriminatory.
If significant deficiencies or discrimination are found, lenders must order a new appraisal at their own expense and report the issue to relevant authorities.
Status:
Introduced
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