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Bill

HR 5975

Appraisal Modernization Act

119th Congress Introduced by Ayanna Pressley

HR 5975 enhances mortgage lending by ensuring fair treatment for applicants, standardizing processes, and studying a national appraisal database for transparency.

Introduced in House
0
WeVote Research Nonpartisan
Bill Summary · HR 5975

Summary of HR 5975: Truth in Lending Act Amendment

Purpose and Intent

HR 5975 aims to amend the Truth in Lending Act with the primary goal of enhancing the efficiency and consistency of services provided by financial institutions, appraisal management companies, appraisers, and other valuation professionals in the housing market. The bill seeks to ensure that all mortgage loan applicants, borrowers, and communities receive equitable treatment throughout the lending process.

Key Provisions

  • Efficiency and Consistency Requirements: The bill mandates that financial institutions and related entities operate in a manner that is efficient and consistent for all stakeholders involved in the mortgage lending process. This includes:

    • Standardizing practices across the industry to reduce discrepancies in how mortgage applications are handled.
    • Ensuring that all applicants receive timely and fair evaluations of their mortgage applications.

  • National Public Appraisal Database Study: HR 5975 proposes a study to assess the feasibility of creating a national public appraisal database. This database would aim to:

    • Increase transparency in the appraisal process.
    • Provide a centralized resource for information on property valuations.
    • Help ensure that appraisals are conducted fairly and consistently across different regions and demographics.

Affected Parties

The bill will impact several key groups, including:
- Mortgage Loan Applicants and Borrowers: Individuals seeking loans will benefit from a more streamlined and equitable process.
- Financial Institutions: Banks and lenders will need to adapt to new standards and practices as mandated by the bill.
- Appraisal Management Companies and Appraisers: These entities will be required to align their operations with the new efficiency and consistency requirements.
- Communities: The bill aims to foster fair treatment in the housing market, potentially benefiting diverse communities by reducing biases in the appraisal and lending processes.

Procedural Aspects

  • Introduced Date: The bill was introduced in the House on November 7, 2025.
  • Committee Referral: Upon introduction, HR 5975 was referred to the House Committee on Financial Services for further consideration.

Conclusion

HR 5975 represents a significant step towards reforming the mortgage lending process by promoting efficiency and fairness. By studying the feasibility of a national public appraisal database, the bill also aims to enhance transparency in property valuations, ultimately benefiting borrowers and communities across the nation. As the bill progresses through the legislative process, its implications for the housing market and related stakeholders will become clearer.

Compiled from official sources — confirm details with the bill’s official record.

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