The Appraisal Institute (AI) recently expressed strong support for the Senate Committee on Banking, Housing, and Urban Affairs as it prepared to mark up the ROAD to Housing Act, which took place on July 29, according to a release.
The legislation includes two important measures related to appraisal policy: the Appraisal Modernization Act (AMA) and the Appraisal Industry Improvement Act (AIIA).
“We applaud Chairman [Sen. Tim] Scott and Ranking Member [Sen. Elizabeth] Warren for bringing these thoughtful, balanced proposals forward for markup,” AI Government Affairs Director Scott DiBiasio said in the release. “These provisions will help improve consumer engagement, enhance appraisal quality, and support the next generation of appraisers.”
The AMA would create a standardized Reconsideration of Value (ROV) process, giving consumers a clear and consistent pathway to request a review of their appraisal when concerns arise.
The AIIA focuses on building a stronger and more diverse appraiser workforce by adding state-credentialed trainees to the national registry and authorizing the Appraisal Subcommittee to provide grants for education and training programs through states, nonprofits, and academic institutions.
The bill also recognizes FHA-specific education as a pathway for licensed residential appraisers to perform FHA assignments — which AI said is an important provision to help address appraisal capacity in underserved markets.
“This legislation represents a meaningful step forward for both consumers and appraisers,” DiBiasio added. “We appreciate the committee’s recognition of the vital role appraisal plays in ensuring transparency and fairness in the housing finance system.”
The release also said AI looks forward to working with lawmakers to support the enactment of these policies. AI also thanked Warnock and his staff’s willingness to listen to its concerns regarding the public appraisal database and Sens. Kevin Cramer (R-N.D.) and Ruben Gallego (D-Ariz.) for their work in strengthening key provisions and their continued support for a credible, independent appraisal profession.