The National Association of Mortgage Brokers (NAMB) has shown strong support of the Appraisal Modernization Act introduced by Sen. Raphael Warnock (D-Ga..). If passed, the legislation would enhance transparency in the home appraisal process, codify a consumer's right to appeal appraisal valuations, and strengthen oversight and enforcement against bias, according to a release.

NAMB believes this legislation is a critical step forward in eliminating appraisal bias, bolstering consumer protections, and streamlining processes for mortgage professionals.

By establishing a uniform right to appeal, the proposed act would ensure that all consumers regardless of financial background or neighborhood are treated fairly in the valuation process. NAMB believes this protection is especially timely following the Federal Housing Administration's recent withdrawal of related guidance.

"NAMB will always support legislation that ensures fairness, protection, and privacy for homebuyers," NAMB President Jim Nabors said in the release. "Our entire board of directors and membership applaud Sen. Warnock for introducing the Appraisal Modernization Act, a critical piece of legislation. We must remain diligent in our efforts to protect consumers, and NAMB urges all members of Congress to give this important item their full consideration.

“As the nation's only volunteer-based and member-driven organization representing both homebuyers and mortgage brokers, NAMB remains committed to advocating for reforms that modernize the mortgage industry while upholding consumer rights,” Nabors added.