,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #eige  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #g1 #bjbe,ms4
 ,pressley introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,f9ancial   
,s]vices1 & 9 addition to ! ,committee  
on ,rules1 = a p]iod to be subsequ5tly  
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to am5d ! ,tru? 9 ,l5d+ ,act  
to require t f9ancial in/itutions1      
appraisal managem5t companies1          
apprais]s1 & o!r valuation pr(essionals 
are s]v+ ! h\s+ m>ket 9 a mann] t is    
effici5t & consi/5t = all mortgage loan 
applicants1 borr[]s1 & communities1 & = 
o!r purposes2 to /udy ! feasibility (   
creat+ a national public appraisal      
database4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,appraisal ,mod]nization   
,act4  #b4 ,reconsid]ation ( value  7#a7
 ,9 g5]al ,section #abi;,e ( ! ,tru? ,9 
,l5d+ ,act 7#ae ,u4,s4,c4 #afci;e7 is   
am5d$-- 7,a7 by r$esignat+ subsections  

7j7 & 7k7 z subsections 7k7 & 7l71      
respectively2 &  7,b7 by ins]t+ aft]    
subsection 7i7 ! foll[+3  7j7 ,consum]  
"r to reconsid]ation ( value or         
subsequ5t appraisal  7#a7 ,def9itions ,9
 ?is section3 7,a7 ,unacceptable        
appraisal practice ,! t]m unacceptable  
appraisal practice means an appraisal   
report t-- 7i7 uses unsupport$ or       
subjective t]ms to assess or rate !     
prop]ty )\t provid+ a f\ndation =       
analysis & contextual in=mation2  7ii7  
uses inaccurate or incomplete data ab\t 
! subject prop]ty1 ! neighborhood1 !    
m>ket area1 or any comp>able prop]ty2   
7iii7 includes ref]5ces1 /atem5ts1 or   
comp>isons ab\t crime rates or crime    
/ati/ics1 :e!r objective or subjective2 
7iv7 relies 9 ! appraisal analysis on   
comp>able prop]ties t 7 n p]sonally     
inspect$ by ! apprais] :5 requir$ by !  
appraisal's scope ( "w2  7v7 relies 9 ! 
appraisal analysis on inappropriate     
comp>able prop]ties2  7vi7 fails to use 
comp>able prop]ties t are m simil>1 or  

ne>]1 to ! subject prop]ty )\t adequate 
explanation2  7vii7 uses comp>able      
prop]ty data provid$ by any int]e/$ p>ty
 to ! transaction )\t v]ification by a  
dis9t]e/$ p>ty2  7viii7 uses            
inappropriate adju/m5ts = diff]5ces     
betwe5 ! subject prop]ty & ! comp>able  
prop]ties t d n reflect ! m>ket's       
reaction to su* diff]5ces2 or  7ix7     
fails to make prop] adju/m5ts1 includ+  
"t adju/m5ts = diff]5ces betwe5 !       
subject prop]ty & ! comp>able prop]ties 
:5 necess>y4  7,b7 ,unsupport$ ,! t]m   
unsupport$ means1 ) respect to an       
appraisal report or an apprais]'s op9ion
 ( value1 t ! appraisal report or !     
op9ion ( value is n support$ by relevant
 evid5ce & logic4  7#b7 ,review ,9      
connection ) a consum] cr$it transaction
 secur$ by a consum]'s pr9cipal dwell+1 
a cr$itor %all h a review & resolution  
proc$ure = a consum]-initiat$           
reconsid]ation ( value or subsequ5t     
appraisal t complies ) ! foll[+         
requirem5ts3 7,a7 ,! cr$itor %all       

complete its own appraisal review be=e  
deliv]+ ! appraisal to ! consum]4  7,b7 
,! cr$itor %all h policies & proc$ures t
 provide ! consum] ) a process to submit
 #a reque/ = a reconsid]ation ( value & 
subsequ5t appraisal prior to ! loan     
clos+ or )9 #fj cal5d> days ( d5ial ( a 
cr$it application if ! consum] believes 
! appraisal report may be unsupport$1   
may be defici5t due to an unacceptable  
appraisal practice1 or may reflect      
discrim9ation4  7,c7 ,at ! "t (         
application & ^u deliv]y ( ! appraisal  
report to ! consum]1 ! cr$itor %all     
provide a writt5 disclosure to ! consum]
 describ+ ! process = reque/+ a         
reconsid]ation ( value or subsequ5t     
appraisal1 :i* writt5 disclosure %all   
include a /&>diz$ =mat = ! consum] to   
submit ! reque/ = a reconsid]ation (    
value1 includ+-- 7i7 ! "n ( ! borr[]2   
7ii7 ! prop]ty address2  7iii7 !        
effective date ( ! appraisal2  7iv7 !   
apprais]'s "n2  7v7 ! date ( ! reque/2  
7vi7 a description ( :y ! consum]       

believes ! appraisal report may be      
unsupport$1 may be defici5t due to an   
unacceptable appraisal practice1 or may 
reflect discrim9ation2  7vii7 any       
additional in=mation1 data1 includ+ n m 
?an #e alt]native comp>able prop]ties & 
! relat$ data s\rces t ! consum] w\ld l 
! apprais] to consid]2 &  7viii7 an     
explanation ( :y ! new in=mation1 data1 
or comp>able prop]ties support !        
reconsid]ation ( value4  7,d7 ,! cr$itor
 %all obta9 ! necess>y in=mation f !    
consum] if ! consum]'s reque/ =         
reconsid]ation ( value or subsequ5t     
appraisal is uncle> or requires m       
in=mation4  7,e7 ,! cr$itor %all h a    
/&>diz$ =mat to communicate !           
reconsid]ation ( value to ! apprais]1   
:i* =mat %all include-- 7i7 ! "n ( !    
borr[]2  7ii7 ! prop]ty address2  7iii7 
! effective date ( ! appraisal2  7iv7 ! 
apprais]'s "n2  7v7 ! date ( ! reque/2  
7vi7 a description ( any area ( !       
appraisal report t may be unsupport$1   
may be defici5t due to an unacceptable  

appraisal practice1 or may reflect      
discrim9ation2  7vii7 any additional    
in=mation1 data1 includ+ n m ?an #e     
alt]native comp>able prop]ties & !      
relat$ data s\rces t ! consum] w\ld l ! 
apprais] to consid]2  7viii7 an         
explanation ( :y ! new in=mation1 data1 
or comp>able prop]ties support !        
reconsid]ation ( value2  7ix7 a         
def9ition ( turn-"t expectations = !    
apprais] to communicate ! reconsid]ation
 ( value results back to ! cr$itor2  7x7
 in/ructions = deliv]+ ! reconsid]ation 
( value response z "p ( a revis$        
appraisal report t includes comm5t>y on 
conclusions reg>dless ( ! outcome2 &    
7xi7 a ref]5ce = apprais]s on h[ to     
correct m9or appraisal issues or        
non-mat]ial errors n relat$ to !        
reconsid]ation ( value process4  7#c7   
,subsequ5t appraisal & ref]ral  7,a7 ,9 
g5]al ,if ! cr$itor id5tifies mat]ial   
defici5cies 9 ! appraisal report t are n
 correct$ or address$ by ! apprais] ^u  
reque/ ( ! cr$itor1 includ+ ?r\gh a     

consum]-initiat$ reconsid]ation ( value1
 or if !re is evid5ce ( unsupport$ or   
unacceptable appraisal practices1 !     
cr$itor %all-- 7i7 at ! reque/ ( !      
consum]1 ord] a subsequ5t appraisal at !
 cr$itor's own exp5se2 &  7ii7 =w>d !   
appraisal report & ! cr$itor's summ>y ( 
f9d+s to ! appropriate appraisal lic5s+ 
ag5cy or regulatory bo>d4  7,b7         
,discrim9ation ,if ! cr$itor has reason 
to believe t an appraisal report        
reflects discrim9ation1 ! cr$itor %all--
 7i7 ord] a subsequ5t appraisal1 at !   
cr$itor's own exp5se2  7ii7 =w>d !      
appraisal report & ! cr$itor's summ>y ( 
f9d+s to ! appropriate local1 ,/ate1 or 
,f$]al en=cem5t ag5cy2 &  7iii7 ^u a    
f9al det]m9ation ( discrim9ation by !   
appropriate local1 ,/ate1 or ,f$]al     
en=cem5t ag5cy1 receive a reimbursem5t f
 ! apprais] cov]+ ! co/ ( ! subsequ5t   
appraisal ord]$ by ! cr$itor4  7,c7     
,def9ition  7i7 ,9 g5]al ,except z      
provid$ 9 clause 7ii71 9 ?is p>agraph1 !
 t]m reason to believe means t ! cr$itor

 has review$ ! applicable law &         
available evid5ce & det]m9$ t a pot5tial
 violation ( ,f$]al or /ate             
antidiscrim9ation law exi/s4 ,!         
available evid5ce may include !         
appraisal report1 loan files1 writt5    
communications1 cr$ible obs]vations by  
p]sons ) direct k1 /ati/ical analysis1 &
 ! apprais]'s response to ! reque/ = a  
reconsid]ation ( value4  7ii7 ,exception
 ,! t]m reason to believe does n mean t 
!re is a f9al legal det]m9ation (       
discrim9ation4  7#d7 ,docum5t ret5tion  
,! cr$itor %all reta9 all docum5tation &
 writt5 communications relat$ to !      
reque/ = reconsid]ation ( value or      
subsequ5t appraisal 9 ! loan file dur+ !
 #g-ye> p]iod beg9n+ on ! date on :i* ! 
consum] submitt$ ! cr$it application4   
7#e7 ,rule ( con/ruction ,?is subsection
 is consi/5t ) ! exceptions to !        
apprais] indep5d5ce requirem5ts f\nd 9  
subsection 7c74 ,no?+ 9 ?is subsection  
%all be con/ru$ to require a cr$itor to 
submit a reconsid]ation ( value to !    

orig9al apprais] be=e ord]+ a subsequ5t 
appraisal f a subsequ5t apprais]4  4    
7#b7 ,rules & int]pretative guidel9es   
,section #abi;,e7g7 ( ! ,tru? 9 ,l5d+   
,act 7#ae ,u4,s4,c4 #afci;e7g77 is      
am5d$-- 7,a7 9 p>agraph 7#a71 by /rik+  
p>agraph 7#b71 ! ,bo>d & ins]t+         
p>agraphs 7#b7 & 7#c71 ! ,bureau2 &     
7,b7 by add+ at ! end ! foll[+3  7#c7   
,f9al rule ,n lat] ?an #a ye> aft] !    
date ( enactm5t ( ?is p>agraph1 ! ,f$]al
 ,h\s+ ,f9ance ,ag5cy %all issue a f9al 
rule aft] notice & comm5t & issue su*   
guidance z may be necess>y to c>ry out &
 en=ce subsection 7j74  4  #c4 ,public  
appraisal database  7#a7 ,cov]$ ag5cies 
def9$ ,! t]m cov]$ ag5cies means-- 7,a7 
! ,f$]al ,h\s+ ,f9ance ,ag5cy1 on behalf
 ( ! ,f$]al ,national ,mortgage         
,association & ! ,f$]al ,home ,loan     
,mortgage ,corporation2  7,b7 !         
,dep>tm5t ( ,h\s+ & ,urban ,developm5t1 
includ+ ! ,f$]al ,h\s+ ,adm9i/ration2   
7,c7 ! ,dep>tm5t ( ,agriculture2 &  7,d7
 ! ,dep>tm5t ( ,vet]ans ,affairs4  7#b7 

,feasibility report ,no lat] ?an #bdj   
days aft] ! date ( enactm5t ( ?is ,act1 
! ,comptroll] ,g5]al ( ! ,unit$ ,/ates  
%all issue a public report to ,congress 
assess+ ! feasibility ( creat+ a        
publicly available appraisal database t 
consi/s ( a se>*able & d[nloadable      
appraisal level public use file t       
consolidates appraisal data held or     
aggregat$ by cov]$ ag5cies1 :i* %all    
include-- 7,a7 ! co/s & b5efits         
associat$ ) e/abli%+ & ma9ta9+ ! public 
database2  7,b7 ! b5efits & risks       
associat$ ) ei!r ! ,f$]al ,h\s+ ,f9ance 
,ag5cy or ! ,bureau ( ,consum] ,f9ancial
 ,protection be+ responsible = ! public 
database & :e!r !re is ano!r ,f$]al     
ag5cy be/ suit$ = implem5t+ & adm9i/]+  
su* database2  7,c7 any safety &        
s\ndness1 antitru/1 or consum]          
privacy-relat$ risks associat$ ) mak+   
c]ta9 appraisal data factors publicly   
available1 includ+ :e!r-- 7i7 !re are   
any exi/+ legal requirem5ts1 includ+ "u 
! ,home ,mortgage ,disclosure ,act (    

#aigd 7#ab ,u4,s4,c4 #bhja et seq47 &   
section #eeb ( title #e1 ,unit$ ,/ates  
,code 7commonly kn[n z ! ,fre$om (      
,in=mation ,act71 or additional actions 
,f$]al ag5cies c\ld take to mitigate su*
 risks1 su* z modify+ or aggregat+ data1
 or elim9at+ p]sonally id5tifiable      
in=mation2 &  7ii7 !re are any data     
factors t1 if made public1 may violate  
conduct1 e?ics1 or o!r pr(essional /&>ds
 z !y relate to appraisals & appraisal  
or valuation pr(essionals2  7,d7 !      
feasibility ( consolidat+ or mat*+      
appraisal data held by cov]$ ag5cies )  
correspond+ data t is requir$ & made    
public "u ! ,home ,mortgage ,disclosure 
,act ( #aigd 7#ab ,u4,s4,c4 #bhja et    
seq472  7,e7 :e!r ! publication ( any   
appraisal data factors may pose unfair  
bus9ess advantages )9 ! valuation       
indu/ry2  7,f7 ! feasibility ( includ+  
all valuation data held by cov]$        
ag5cies1 includ+ data produc$ by        
automat$ valuation models2  7,g7 !      
feasibility & b5efits ( mak+ ! full     

appraisal dataset1 includ+ any modifi$  
fields1 available to-- 7i7 ,f$]al       
ag5cies1 includ+ = purposes relat$ to   
en=cem5t & sup]vision responsibilities2 
7ii7 relevant ,/ate lic5s+1 sup]vision1 
& en=cem5t ag5cies & ,/ate attorneys    
g5]al2  7iii7 approv$ rese>*]s1 includ+ 
academics & nonpr(it organizations t1 9 
connection ) _! mission1 "w to ensure ! 
fairness & consi/5cy ( home valuations1 
includ+ appraisals2 &  7iv7 any o!r     
entities id5tifi$ by ! ,comptroll]      
,g5]al z hav+ a compell+ use =          
disaggregat$ data2  7,h7 :at appraisal  
data is already available 9 ! public    
doma92 &  7,i7 ! feasibility (          
incorporat+ legacy data held by cov]$   
ag5cies dur+ ! p]iod beg9n+ on ,janu>y  
#a1 #bjag & end+ on ! date ( enactm5t ( 
?is ,act1 & :e!r !re are specific data  
po9ts n easily consolidat$ or mat*$1 z  
describ$ 9 subp>agraph 7,d71 ) m rec5t  
data4  7#c7 ,purpose ,! database        
describ$ 9 p>agraph 7#b7 %all be us$ to 
provide ! public1 ! ,f$]al ,gov]nm5t1 & 

,/ate gov]nm5ts ) resid5tial real e/ate 
appraisal data to help det]m9e :e!r     
f9ancial in/itutions1 appraisal         
managem5t companies1 apprais]s1         
valuation te*nologies1 su* z automat$   
valuation models1 & o!r valuation       
pr(essionals are s]v+ ! h\s+ m>ket 9 a  
mann] t is effici5t & consi/5t = all    
mortgage loan applicants1 borr[]s1 &    
communities4  7#d7 ,consultation ,z "p (
 ! in=mation us$ 9 ! report requir$ "u  
p>agraph 7#b71 ! ,comptroll] ,g5]al ( ! 
,unit$ ,/ates %all conduct int]views )--
 7,a7 relevant ,f$]al ag5cies2  7,b7    
relevant ,/ate lic5s+1 sup]vision1 &    
en=cem5t ag5cies & ,/ate attorneys      
g5]al2  7,c7 apprais]s & o!r home       
valuation indu/ry pr(essionals2  7,d7   
mortgage l5d+ in/itutions2  7,e7 fair   
h\s+ & fair l5d+ exp]ts2 &  7,f7 any o!r
 relevant /akehold]s z det]m9$ by !     
,comptroll] ,g5]al4  7#e7 ,he>+ ,^u !   
completion ( ! report "u p>agraph 7#b71 
! ,committee on ,bank+1 ,h\s+1 & ,urban 
,affairs ( ! ,s5ate & ! ,committee on   

,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives %all ea* hold a he>+ on 
! f9d+s ( ! report & ! feasibility (    
e/abli%+ a public appraisal-level       
appraisal database4