The bill mandates the Federal Housing Finance Agency (FHFA) to establish an online database with home valuation data for mortgage applications. It empowers homebuyers to submit reconsideration of value (ROV) requests if they suspect appraisal bias. The National Association of Mortgage Brokers commended the bill as pivotal for consumer protection. The announcement follows the Trump administration's removal of rules related to enforcement of Fair Housing Act and bias in appraisals, fulfilling directives to reduce DEI-related regulations put forth by the President.
The bill would require the Federal Housing Finance Agency (FHFA) to maintain an online database with home valuation information for mortgage evaluations.
Homebuyers can initiate reconsideration of value (ROV) requests if they believe bias influenced their appraisal.
The National Association of Mortgage Brokers (NAMB) called the bill a critical piece of legislation, emphasizing the need for consumer protection in housing.
The introduction of the bill follows the Trump administration's elimination of rules aimed at enforcing anti-discrimination in housing appraisals.
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