Text of Senate Amendment 4324

Text of Senate Amendment 4324

Congressional Record, Volume 172 Issue 41 (Wednesday, March 4, 2026) [Congressional Record Volume 172, Number 41 (Wednesday, March 4, 2026)] [Senate] [Pages S843-S845] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] SA 4324. Mr. WARNOCK (for himself, Ms. Blunt Rochester, and Mr. Blumenthal) submitted an amendment intended to be proposed by him to the bill H.R. 6644, a bill to increase the supply of housing in America, and for other purposes; which was ordered to lie on the table; as follows: At the appropriate place, insert the following: SEC. __. PUBLIC APPRAISAL DATABASE AND RECONSIDERATION OF VALUE. (a) Public Appraisal Database.--The Federal Housing Enterprises Safety and Soundness Act of 1992 (12 U.S.C. 4501 et seq.) is amended by inserting after section 1313B (12 U.S.C. 4513b) the following: ``SEC. 1313C. PUBLIC APPRAISAL DATABASE. ``(a) Purpose.--The purpose of this section is to provide the public, the Federal Government, and State governments with residential real estate appraisal data to help determine whether 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. ``(b) Definitions.--In this section: ``(1) Application.--The term `application' means the submission of a consumer's financial information for the purposes of obtaining an extension of credit. ``(2) Dwelling.--The term `dwelling'-- ``(A) means a 1-to-4 unit residential structure, whether or not attached to real property; and ``(B) includes a detached home, an individual condominium or cooperative unit, and a manufactured home or other factory-built home. ``(3) Financial institution.--The term `financial institution' means any partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity that engages in financial activity. ``(4) Mortgage loan.--The term `mortgage loan' means any extension of credit that is secured by a lien on a dwelling. ``(c) Agency Appraisal Data Sharing.-- ``(1) Legacy appraisal data.--Not later than 180 days after the date of enactment of this section, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Housing Administration, the Department of Agriculture, and the Department of Veterans Affairs shall provide to the Agency-- ``(A) the appraisal data collected in connection with mortgage loan applications and mortgage loans that financial institutions submitted to the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Housing Administration, the Department of Agriculture, and the Department of Veterans Affairs, as applicable, during the period beginning on January 1, 2017, and ending on the date of enactment of this section; and ``(B) the corresponding census tract of the subject property, agency loan identifier, the Universal Loan Identifier required by the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2801 et seq.), the mortgage loan purpose, whether the property is owner occupied, the acquiring agency, and the race and ethnicity of the borrower as required by that Act. ``(2) Modernized appraisal data.--Not later than 1 year after the date of enactment of this section, and on a quarterly basis thereafter, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Housing Administration, the Department of Agriculture, and the Department of Veterans Affairs shall provide to the Agency-- ``(A) the appraisal data collected in connection with mortgage loan applications and mortgage loans that financial institutions submitted in the previous quarter to the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Housing Administration, the Department of Agriculture, and the Department of Veterans Affairs, as applicable; and ``(B) the corresponding census tract of the subject property, agency loan identifier, the Universal Loan Identifier required by the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2801 et seq.), the mortgage loan purpose, whether the property is owner occupied, the acquiring agency, and the race and ethnicity of the borrower as required by that Act. ``(d) Public Searchable Database.-- ``(1) Legacy appraisal database.--Not later than 2 years after the date of enactment of this section, the Director, in consultation with the Secretary of Housing and Urban Development, the Secretary of Agriculture, and the Secretary of Veterans Affairs, shall make publicly available online a searchable and downloadable appraisal-level public use file of the data shared pursuant to subsection (c)(1). ``(2) Modernized appraisal database.--Not later than 2 years after the date of enactment of this section, and on a quarterly basis thereafter, the Director, in consultation with the Secretary of Housing and Urban Development, the Secretary of Agriculture, and the Secretary of Veterans Affairs, shall make publicly available online a searchable and downloadable appraisal-level public use file of the data shared pursuant to subsection (c)(2). ``(e) Form and Manner of Valuation Data.-- ``(1) In general.--Any appraisal data required to be disclosed under subsection (d) shall be itemized at the appraisal level to clearly and conspicuously disclose-- ``(A) the assignment data, including the assignment reason, property valuation method, client or lender name, appraisal management company name, appraiser company name, appraiser credential level, appraiser identification number, and State, exterior scope of inspection, interior scope of inspection, and the inspection date; ``(B) the subject property data, including the physical address, zip code, county, State, neighborhood name, attachment type, number of units excluding accessory dwelling units, number of accessory dwelling units, special tax assessments, whether the subject property is a planned unit development, condominium, cooperative, property on Native American lands, subject site owned in common, homeowner responsible for all exterior maintenance of dwelling, or new construction, the property rights appraised, whether all rights are included in the appraisal, and the legal description; ``(C) the market data, including the market area boundary, search criteria description, number of active listings and their median days on market, lowest list price, median list price, and highest list price, the number of pending sales, the number of sales in the past 24 months and their lowest sale price, median sale price, and highest sale price, whether there is distressed market competition, the price trend source, the demand and supply trend, the marketing time, and the market commentary; ``(D) the project information, including the project information data source, the monthly amount of mandatory fees, the common amenities and services included, the utilities included, whether the developer or sponsor is in control, any known legal actions, unit special assessments, and unit tax abatements or exemptions; ``(E) the subject listing information, including the subject listing identification number, the start date, end date, days on market, starting list price, and current or final list price; ``(F) the sales contract data, including whether there is a sales contract, whether the contract was analyzed, and whether the transaction appears to be an arms length transaction, the contract price, the contract data, transfer terms, any personal property conveyed, any known sales concessions, total sales concessions and whether such concessions are typical for the market, and sales contract analysis; ``(G) for the subject property and each comparable property relied on for the opinion of value, as applicable-- ``(i) the general data, including the property address, data source, proximity to the subject, list price, listing status, contract price or sale price, sales concessions, contract date, sale data, days on market, whether attached or detached, and property rights appraised; ``(ii) the site data, including the site size, neighborhood name, topography, site influence or location, site view, and site range; ``(iii) the dwelling data, including the year built, dwelling style, heating, and cooling; [[Page S844]] ``(iv) the energy efficient and green features, including the efficiency rating; ``(v) the unit data, including the number of bedrooms, number of full baths, number of half baths, finished area above grade, finished area below grade, unfinished area below grade, and below grade exterior access; ``(vi) the exterior quality and condition ratings data, including the quality rating, exterior walls and trim, roof, and condition rating; ``(vii) the interior quality and condition ratings data, including the quality rating, condition rating, kitchen, and overall flooring; ``(viii) the overall quality and condition ratings data, including the quality rating and the condition rating; ``(ix) the property amenities data, including the outdoor living, water features, and miscellaneous; ``(x) the vehicle storage data, including type, spaces, and detail; and ``(xi) for each comparable relied on for the opinion of value, any adjustments related to each of the above data fields; ``(H) the summary data for the comparable properties relied on for the opinion of value, including the list price, sale price, net adjustment total, price per finished area above grade, adjusted price, and comparable weight; ``(I) the reconciliation data, including the approaches to value, the contract price, opinion of market value, market value condition, reasonable exposure time, effective date of appraisal, and final value condition statement; ``(J) the corresponding census tract of the subject property, agency loan identifier, the Universal Loan Identifier required