{"id":11274,"date":"2025-07-17T14:08:29","date_gmt":"2025-07-17T18:08:29","guid":{"rendered":"https:\/\/nationalfairhousing.org\/?p=11274"},"modified":"2025-07-17T18:36:09","modified_gmt":"2025-07-17T22:36:09","slug":"nfha-applauds-introduction-of-senator-warnocks-appraisal-modernization-act","status":"publish","type":"post","link":"https:\/\/nationalfairhousing.org\/nfha-applauds-introduction-of-senator-warnocks-appraisal-modernization-act\/","title":{"rendered":"NFHA Applauds Introduction of Senator Warnock\u2019s \u201cAppraisal Modernization Act\u201d"},"content":{"rendered":"\n<p class=\"content-wrap-item post__paragraph\">FOR IMMEDIATE RELEASE:<\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph has-text-align-center\"><strong>NFHA Applauds Introduction of Senator Warnock\u2019s \u201cAppraisal Modernization Act\u201d<\/strong><\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\">WASHINGTON, D.C. \u2013 The National Fair Housing Alliance\u00ae (NFHA\u2122) applauds Senator Raphael Warnock and his colleagues, Senators Elizabeth Warren, Cory Booker, Angela Alsobrooks, Lisa Blunt Rochester, and Andy Kim for introducing the <a href=\"https:\/\/www.warnock.senate.gov\/newsroom\/press-releases\/warnock-renews-effort-to-address-bias-in-housing-appraisals-help-families-build-generational-wealth-through-homeownership\/\">Appraisal Modernization Act.<\/a> The bill seeks to address bias in the home valuation process and ensure all homebuyers have a fair chance to build wealth through homeownership. The bill would:<\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\">\u2022 Require the Federal Housing Finance Agency to publicly disclose property-level appraisal data; and<br>\u2022 Require lenders to standardize the consumer&#8217;s right to appeal an appraisal (also known as a reconsideration of value or &#8216;ROV&#8217;).<\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\">\u201cAn appraisal has the power to determine the value of a consumer\u2019s most important financial asset and can hold the key to determining whether the consumer is able to purchase a permanent home rather than rent, access credit on reasonable terms, and build wealth for generations to come,\u201d said NFHA\u2019s Executive Vice President Nikitra Bailey. \u201cNFHA commends Senator Warnock and his colleagues for a sensible bill designed to help consumers, appraisers, and lenders obtain the data necessary to ensure home valuations are fair and consistent. Importantly, the bill provides consumers the right to appeal an appraisal, which is crucial to maintaining a fair process and will help more consumers achieve the American Dream of homeownership free of discrimination with the ability to build wealth. These provisions are a minimal burden to lenders as most lenders already have processes for data collection and the reconsideration of value. This bill could truly be a win-win for consumers and industry.&#8221;<\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\">\u201cOver the past few years, NFHA\u2019s work, academic <a href=\"https:\/\/www.eruka.org\/appraised\">research<\/a>, and <a href=\"https:\/\/abc7.com\/feature\/our-america-lowball-home-appraisal-racial-bias-discrimination\/12325606\/\">news stories<\/a> have consistently highlighted how appraisal bias disproportionately harms Black and Latino consumers and communities while exacerbating racial wealth gaps,\u201d Ms. Bailey said. \u201cNFHA led the charge for fair and accurate appraisals, including by releasing a groundbreaking <a href=\"https:\/\/nationalfairhousing.org\/wp-content\/uploads\/2022\/02\/2022-01-28-NFHA-et-al_Analysis-of-Appraisal-Standards-and-Appraiser-Criteria_FINAL.pdf\">report<\/a> detailing the barriers to consistent appraisals for all. Removing bias from the home valuation process strengthens individuals, families, communities, and the economy.\u201d<\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph has-text-align-center\"><strong>###<\/strong><\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\">The National Fair Housing Alliance (NFHA) is the country\u2019s only national civil rights organization dedicated solely to eliminating all forms of housing and lending discrimination and ensuring equal opportunities for all people. As the trade association for 200 fair housing and justice-centered organizations throughout the U.S. and its territories, NFHA works to dismantle longstanding barriers to equity and build diverse, inclusive, well-resourced communities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FOR IMMEDIATE RELEASE: NFHA Applauds Introduction of Senator Warnock\u2019s \u201cAppraisal Modernization Act\u201d WASHINGTON, D.C. \u2013 The National Fair Housing Alliance\u00ae (NFHA\u2122) applauds Senator Raphael Warnock and his colleagues, Senators Elizabeth Warren, Cory Booker, Angela Alsobrooks, Lisa Blunt Rochester, and Andy Kim for introducing the Appraisal Modernization Act. The bill seeks to address bias in the [&hellip;]<\/p>\n","protected":false},"author":433,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-11274","post","type-post","status-publish","format-standard","hentry","category-press-releases"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NFHA Applauds Introduction of Senator Warnock\u2019s \u201cAppraisal Modernization Act\u201d - NFHA<\/title>\n<meta name=\"description\" content=\"FOR IMMEDIATE RELEASE: NFHA Applauds Introduction of Senator Warnock\u2019s \u201cAppraisal Modernization Act\u201d WASHINGTON, D.C. \u2013 The National Fair Housing Alliance\u00ae (NFHA\u2122) applauds Senator Raphael Warnock and his colleagues, Senators Elizabeth Warren, Cory Booker, Angela Alsobrooks, Lisa Blunt Rochester, and Andy Kim for introducing the Appraisal Modernization Act. 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