,,ii #aai? ,,congress #a/ ,session ,s4 #bcbb ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,july #ag1 #bjbe,mr4 ,w>nock 7= himself1 ,ms4 ,alsobrooks1 ,ms4 ,blunt ,ro*e/]1 ,mr4 ,kim1 ,mr4 ,book]1 & ,ms4 ,w>r57 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to am5d ! ,f$]al ,h\s+ ,ent]prises ,safety & ,s\ndness ,act ( #aiib to require t f9ancial in/itutions1 appraisal managem5t companies1 apprais]s1 & o!r valuation pr(essionals are s]v+ ! h\s+ m>ket 9 a mann] t is effici5t & consi/5t = all mortgage loan applicants1 borr[]s1 & communities1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,appraisal ,mod]nization ,act4 #b4 ,public appraisal database 7a7 ,9 g5]al ,! ,f$]al ,h\s+ ,ent]prises ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #deja et seq47 is am5d$ by ins]t+ aft] section #acac;,b 7#ab ,u4,s4,c4 #deac;b7 ! foll[+3 #acac;,c4 ,public appraisal database 7a7 ,purpose ,! purpose ( ?is section is to provide ! public1 ! ,f$]al ,gov]nm5t1 & ,/ate gov]nm5ts ) resid5tial real e/ate appraisal data to help det]m9e :e!r f9ancial in/itutions1 appraisal managem5t companies1 apprais]s1 & o!r valuation pr(essionals are s]v+ ! h\s+ m>ket 9 a mann] t is effici5t & consi/5t = all mortgage loan applicants1 borr[]s1 & communities4 7b7 ,def9itions ,9 ?is section3 7#a7 ,application ,! t]m application means ! submission ( a consum]'s f9ancial in=mation = ! purposes ( obta9+ an ext5sion ( cr$it4 7#b7 ,dwell+ ,! t]m dwell+-- 7,a7 means a #a-to-#d unit resid5tial /ructure1 :e!r or n atta*$ to real prop]ty2 & 7,b7 includes a deta*$ home1 an individual condom9ium or coop]ative unit1 & a manufactur$ home or o!r factory-built home4 7#c7 ,f9ancial in/itution ,! t]m f9ancial in/itution means any p>tn]%ip1 company1 corporation1 association 7incorporat$ or un9corporat$71 tru/1 e/ate1 coop]ative organization1 or o!r entity t engages 9 f9ancial activity4 7#d7 ,mortgage loan ,! t]m mortgage loan means any ext5sion ( cr$it t is secur$ by a li5 on a dwell+4 7c7 ,ag5cy ,appraisal ,data ,%>+ 7#a7 ,legacy appraisal data ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is section1 ! ,f$]al ,national ,mortgage ,association1 ! ,f$]al ,home ,loan ,mortgage ,corporation1 ! ,f$]al ,h\s+ ,adm9i/ration1 ! ,dep>tm5t ( ,agriculture1 & ! ,dep>tm5t ( ,vet]ans ,affairs %all provide to ! ,ag5cy-- 7,a7 ! appraisal data collect$ 9 connection ) mortgage loan applications & mortgage loans t f9ancial in/itutions submitt$ to ! ,f$]al ,national ,mortgage ,association1 ! ,f$]al ,home ,loan ,mortgage ,corporation1 ! ,f$]al ,h\s+ ,adm9i/ration1 ! ,dep>tm5t ( ,agriculture1 & ! ,dep>tm5t ( ,vet]ans ,affairs1 z applicable1 dur+ ! p]iod beg9n+ on ,janu>y #a1 #bjag1 & end+ on ! date ( enactm5t ( ?is section2 & 7,b7 ! correspond+ c5sus tract ( ! subject prop]ty1 ag5cy loan id5tifi]1 ! ,univ]sal ,loan ,id5tifi] requir$ by ! ,home ,mortgage ,disclosure ,act ( #aige 7#ab ,u4,s4,c4 #bhja et seq471 ! mortgage loan purpose1 :e!r ! prop]ty is own] occupi$1 ! acquir+ ag5cy1 & ! race & e?nicity ( ! borr[] z requir$ by t ,act4 7#b7 ,mod]niz$ appraisal data ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is section1 & on a qu>t]ly basis !reaft]1 ! ,f$]al ,national ,mortgage ,association1 ! ,f$]al ,home ,loan ,mortgage ,corporation1 ! ,f$]al ,h\s+ ,adm9i/ration1 ! ,dep>tm5t ( ,agriculture1 & ! ,dep>tm5t ( ,vet]ans ,affairs %all provide to ! ,ag5cy-- 7,a7 ! appraisal data collect$ 9 connection ) mortgage loan applications & mortgage loans t f9ancial in/itutions submitt$ 9 ! previ\s qu>t] to ! ,f$]al ,national ,mortgage ,association1 ! ,f$]al ,home ,loan ,mortgage ,corporation1 ! ,f$]al ,h\s+ ,adm9i/ration1 ! ,dep>tm5t ( ,agriculture1 & ! ,dep>tm5t ( ,vet]ans ,affairs1 z applicable2 & 7,b7 ! correspond+ c5sus tract ( ! subject prop]ty1 ag5cy loan id5tifi]1 ! ,univ]sal ,loan ,id5tifi] requir$ by ! ,home ,mortgage ,disclosure ,act ( #aige 7#ab ,u4,s4,c4 #bhja et seq471 ! mortgage loan purpose1 :e!r ! prop]ty is own] occupi$1 ! acquir+ ag5cy1 & ! race & e?nicity ( ! borr[] z requir$ by t ,act4 7d7 ,public se>*able database 7#a7 ,legacy appraisal database ,n lat] ?an #b ye>s aft] ! date ( enactm5t ( ?is section1 ! ,director1 9 consultation ) ! ,secret>y ( ,h\s+ & ,urban ,developm5t1 ! ,secret>y ( ,agriculture1 & ! ,secret>y ( ,vet]ans ,affairs1 %all make publicly available onl9e a se>*able & d[nloadable appraisal-level public use file ( ! data %>$ pursuant to subsection 7c77#a74 7#b7 ,mod]niz$ appraisal database ,n lat] ?an #b ye>s aft] ! date ( enactm5t ( ?is section1 & on a qu>t]ly basis !reaft]1 ! ,director1 9 consultation ) ! ,secret>y ( ,h\s+ & ,urban ,developm5t1 ! ,secret>y ( ,agriculture1 & ! ,secret>y ( ,vet]ans ,affairs1 %all make publicly available onl9e a se>*able & d[nloadable appraisal-level public use file ( ! data %>$ pursuant to subsection 7c77#b74 7e7 ,=m & mann] ( valuation data 7#a7 ,9 g5]al ,any appraisal data requir$ to be disclos$ "u subsection 7d7 %all be itemiz$ at ! appraisal level to cle>ly & conspicu\sly disclose-- 7,a7 ! assignm5t data1 includ+ ! assignm5t reason1 prop]ty valuation me?od1 cli5t or l5d] "n1 appraisal managem5t company "n1 apprais] company "n1 apprais] cr$5tial level1 apprais] id5tification numb]1 & ,/ate1 ext]ior scope ( inspection1 int]ior scope ( inspection1 & ! inspection date2 7,b7 ! subject prop]ty data1 includ+ ! physical address1 zip code1 c\nty1 ,/ate1 neighborhood "n1 atta*m5t type1 numb] ( units exclud+ accessory dwell+ units1 numb] ( accessory dwell+ units1 special tax assessm5ts1 :e!r ! subject prop]ty is a plann$ unit developm5t1 condom9ium1 coop]ative1 prop]ty on ,native ,am]ican l&s1 subject site own$ 9 common1 home[n] responsible = all ext]ior ma9t5ance ( dwell+1 or new con/ruction1 ! prop]ty rights apprais$1 :e!r all rights are includ$ 9 ! appraisal1 & ! legal description2 7,c7 ! m>ket data1 includ+ ! m>ket area b\nd>y1 se>* crit]ia description1 numb] ( active li/+s & _! m$ian days on m>ket1 l[e/ li/ price1 m$ian li/ price1 & highe/ li/ price1 ! numb] ( p5d+ sales1 ! numb] ( sales 9 ! pa/ #bd mon?s & _! l[e/ sale price1 m$ian sale price1 & highe/ sale price1 :e!r !re is di/ress$ m>ket competition1 ! price tr5d s\rce1 ! dem& & supply tr5d1 ! m>ket+ "t1 & ! m>ket comm5t>y2 7,d7 ! project in=mation1 includ+ ! project in=mation data s\rce1 ! mon?ly am\nt ( m&atory fees1 ! common am5ities & s]vices includ$1 ! utilities includ$1 :e!r ! develop] or sponsor is 9 control1 any kn[n legal actions1 unit special assessm5ts1 & unit tax abatem5ts or exemptions2 7,e7 ! subject li/+ in=mation1 includ+ ! subject li/+ id5tification numb]1 ! />t date1 end date1 days on m>ket1 />t+ li/ price1 & curr5t or f9al li/ price2 7,f7 ! sales contract data1 includ+ :e!r !re is a sales contract1 :e!r ! contract 0 analyz$1 & :e!r ! transaction appe>s to be an arms l5g? transaction1 ! contract price1 ! contract data1 transf] t]ms1 any p]sonal prop]ty convey$1 any kn[n sales concessions1 total sales concessions & :e!r su* concessions are typical = ! m>ket1 & sales contract analysis2 7,g7 = ! subject prop]ty & ea* comp>able prop]ty reli$ on = ! op9ion ( value1 z applicable-- 7i7 ! g5]al data1 includ+ ! prop]ty address1 data s\rce1 proximity to ! subject1 li/ price1 li/+ /atus1 contract price or sale price1 sales concessions1 contract date1 sale data1 days on m>ket1 :e!r atta*$ or deta*$1 & prop]ty rights apprais$2 7ii7 ! site data1 includ+ ! site size1 neighborhood "n1 topography1 site influ5ce or location1 site view1 & site range2 7iii7 ! dwell+ data1 includ+ ! ye> built1 dwell+ /yle1 heat+1 & cool+2 7iv7 ! en]gy effici5t & gre5 features1 includ+ ! effici5cy rat+2 7v7 ! unit data1 includ+ ! numb] ( b$rooms1 numb] ( full ba?s1 numb] ( half ba?s1 f9i%$ area above grade1 f9i%$ area bel[ grade1 unf9i%$ area bel[ grade1 & bel[ grade ext]ior access2 7vi7 ! ext]ior quality & condition rat+s data1 includ+ ! quality rat+1 ext]ior walls & trim1 ro(1 & condition rat+2 7vii7 ! int]ior quality & condition rat+s data1 includ+ ! quality rat+1 condition rat+1 kit*51 & ov]all floor+2 7viii7 ! ov]all quality & condition rat+s data1 includ+ ! quality rat+ & ! condition rat+2 7ix7 ! prop]ty am5ities data1 includ+ ! outdoor liv+1 wat] features1 & miscellane\s2 7x7 ! vehicle /orage data1 includ+ type1 spaces1 & detail2 & 7xi7 = ea* comp>able reli$ on = ! op9ion ( value1 any adju/m5ts relat$ to ea* ( ! above data fields2 7,h7 ! summ>y data = ! comp>able prop]ties reli$ on = ! op9ion ( value1 includ+ ! li/ price1 sale price1 net adju/m5t total1 price p] f9i%$ area above grade1 adju/$ price1 & comp>able weight2 7,i7 ! reconciliation data1 includ+ ! approa*es to value1 ! contract price1 op9ion ( m>ket value1 m>ket value condition1 reasonable exposure "t1 effective date ( appraisal1 & f9al value condition /atem5t2 7,j7 ! correspond+ c5sus tract ( ! subject prop]ty1 ag5cy loan id5tifi]1 ! ,univ]sal ,loan ,id5tifi] requir$ by ! ,home ,mortgage ,disclosure ,act ( #aige 7#ab ,u4,s4,c4 #bhja et seq471 ! mortgage loan purpose1 :e!r ! prop]ty is own] occupi$1 ! acquir+ ag5cy1 & ! race & e?nicity ( ! borr[] z requir$ by t ,act1 bas$ on ! data provid$ by ! ,f$]al ,national ,mortgage ,association1 ! ,f$]al ,home ,loan ,mortgage ,corporation1 ! ,f$]al ,h\s+ ,adm9i/ration1 ! ,dep>tm5t ( ,agriculture1 & ! ,dep>tm5t ( ,vet]ans ,affairs1 z applicable1 to ! ,ag5cy & add$ to ! public appraisal database by ! ,ag5cy2 & 7,k7 su* o!r in=mation z ! ,ag5cy may require by regulation1 aft] notice & comm5t4 7#b7 ,discretion to modify publicly available data ,! ,ag5cy may modify data collect$ "u ?is section1 to be made publicly available1 if ! ,ag5cy det]m9es by regulation1 aft] notice & comm5t1 t ! release ( ! unmodifi$ data creates risks to a mortgage loan applicant or mortgage loan borr[] privacy int]e/s t are n ju/ifi$ by ! b5efits ( su* release to ! public 9 light ( ! /atutory purposes4 7f7 ,access to ! unmodifi$ database ,= en=cem5t & o!r purposes1 ! ,ag5cy %all1 ^u reque/1 provide access to all in=mation collect$ = ! database pursuant to ?is section1 9 unr$act$ =m1 to any ,executive ag5cy1 z def9$ 9 section #aje ( title #e1 ,unit$ ,/ates ,code1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,national ,cr$it ,union ,adm9i/ration1 ! ,appraisal ,subcommittee ( ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil1 ! ,bureau ( ,consum] ,f9ancial ,protection1 & any ,/ate attorney g5]al1 ,/ate apprais] regulator1 or o!r ,/ate ag5cy ) responsibility = laws relat$ to appraisals4 7g7 ,rule ( con/ruction ,no?+ 9 ?is section %all be con/ru$ to enc\rage unsafe or uns\nd l5d+1 appraisal1 or valuation practices4 7h7 ,rules & int]pretive guidel9es ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is section1 ! ,ag5cy %all issue a f9al rule aft] notice & comm5t & issue su* guidance z may be necess>y to c>ry out & en=ce ?is section4 4 #c4 ,reconsid]ation ( value 7a7 ,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 /atem5ts 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$ures t provide ! consum] ) a process to submit "o reque/ = a reconsid]ation ( value & subsequ5t appraisal prior to ! loan clos+ or )9 #fj cal5d> days ( d5ial ( a cr$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+ ! sev5-ye> p]iod beg9n+ on ! date on :i* ! consum] submitt$ ! cr$it application4 7#e7 ,rule ( con/ruction ,?is subsection is consi/5t ) ! exceptions to ! apprais] indep5d5ce requirem5ts f\nd 9 ,section #abi;,e7c7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;e7c774 ,no?+ 9 ?is subsection %all be con/ru$ to require a cr$itor to submit a reconsid]ation ( value to ! orig9al apprais] be=e ord]+ a subsequ5t appraisal f a subsequ5t apprais]4 4 7b7 ,rules & int]pretative guidel9es ,section #abi;,e7g7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;e7g77 is am5d$-- 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