Appraisal Modernization Act Introduced in the Senate
Issue Date: July 17, 2025
On July 17, 2025, Senator Raphael Warnock (D-GA) announced the introduction of the Appraisal Modernization Act co-sponsored by Senators Angela Alsobrooks (D-MD), Lisa Blunt Rochester (D-DE), Cory Booker (D-NJ), Andy Kim (D-NJ), and Elizabeth Warren (D-MA).
The bill institutes the creation of a public database of information that is within appraisals created for mortgage loans and standardizes processes for borrower-requested reconsiderations of value.
Although the stated purpose of the bill is to “require that financial institutions, appraisal management companies, appraisers, and other valuation professionals are serving the housing market in a manner that is efficient and consistent for all mortgage loan applicants, borrowers, and communities,” NAR has raised concerns about consumer privacy, MLS copyright infringement, and market manipulation risks with the current language of the bill.
NAR will continue to defend its member priorities.