Appraisal Modernization Act amends the Truth in Lending Act to enhance transparency and fairness in residential real estate appraisals.
The Appraisal Modernization Act amends the Truth in Lending Act to improve the appraisal process for mortgage loans. It mandates that financial institutions provide consumers with a process to request a reconsideration of value or subsequent appraisal if they believe the appraisal report may be unsupported, deficient, or discriminatory. The bill requires creditors to complete their own appraisal review before delivering the appraisal to the consumer and to retain documentation related to the request for reconsideration.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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