H. R. 4173—821 
(2) by striking subsection (e) and inserting the following 
new subsection: 
‘‘(e) MINIMUM QUALIFICATION REQUIREMENTS.—Any require-
ments established for individuals in the position of ‘Trainee 
Appraiser’ and ‘Supervisory Appraiser’ shall meet or exceed the 
minimum qualification requirements of the Appraiser Qualifications 
Board of The Appraisal Foundation. The Appraisal Subcommittee 
shall have the authority to enforce these requirements.’’. 
(k) MONITORING
OF
STATE
APPRAISER
CERTIFYING
AND 
LICENSING AGENCIES.—Section 1118 of the Financial Institutions 
Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3347) 
is amended— 
(1) by amending subsection (a) to read as follows: 
‘‘(a) IN GENERAL.—The Appraisal Subcommittee shall monitor 
each State appraiser certifying and licensing agency for the pur-
poses of determining whether such agency— 
‘‘(1) has policies, practices, funding, staffing, and procedures 
that are consistent with this title; 
‘‘(2) processes complaints and completes investigations in 
a reasonable time period; 
‘‘(3) appropriately disciplines sanctioned appraisers and 
appraisal management companies; 
‘‘(4) maintains an effective regulatory program; and 
‘‘(5) reports complaints and disciplinary actions on a timely 
basis to the national registries on appraisers and appraisal 
management companies maintained by the Appraisal Sub-
committee. 
The Appraisal Subcommittee shall have the authority to remove 
a State licensed or certified appraiser or a registered appraisal 
management company from a national registry on an interim basis, 
not to exceed 90 days, pending State agency action on licensing, 
certification, 
registration, 
and 
disciplinary 
proceedings. 
The 
Appraisal Subcommittee and all agencies, instrumentalities, and 
Federally recognized entities under this title shall not recognize 
appraiser certifications and licenses from States whose appraisal 
policies, practices, funding, staffing, or procedures are found to 
be inconsistent with this title. The Appraisal Subcommittee shall 
have the authority to impose sanctions, as described in this section, 
against a State agency that fails to have an effective appraiser 
regulatory program. In determining whether such a program is 
effective, the Appraisal Subcommittee shall include an analysis 
of the licensing and certification of appraisers, the registration 
of appraisal management companies, the issuance of temporary 
licenses and certifications for appraisers, the receiving and tracking 
of submitted complaints against appraisers and appraisal manage-
ment companies, the investigation of complaints, and enforcement 
actions against appraisers and appraisal management companies. 
The Appraisal Subcommittee shall have the authority to impose 
interim actions and suspensions against a State agency as an 
alternative to, or in advance of, the derecognition of a State agency.’’. 
(2) in subsection (b)(2), by inserting after ‘‘authority’’ the 
following: ‘‘or sufficient funding’’. 
(l) RECIPROCITY.—Subsection (b) of section 1122 of the Financial 
Institutions Reform, Recovery, and Enforcement Act of 1989 (12 
U.S.C. 3351(b)) is amended to read as follows: 
‘‘(b) RECIPROCITY.—Notwithstanding any other provisions of 
this title, a federally related transaction shall not be appraised
H. R. 4173—822 
by a certified or licensed appraiser unless the State appraiser 
certifying or licensing agency of the State certifying or licensing 
such appraiser has in place a policy of issuing a reciprocal certifi-
cation or license for an individual from another State when— 
‘‘(1) the appraiser licensing and certification program of 
such other State is in compliance with the provisions of this 
title; and 
‘‘(2) the appraiser holds a valid certification from a State 
whose requirements for certification or licensing meet or exceed 
the licensure standards established by the State where an 
individual seeks appraisal licensure.’’. 
(m) CONSIDERATION
OF PROFESSIONAL APPRAISAL DESIGNA-
TIONS.—Section 1122(d) of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 3351(d)) is 
amended by striking ‘‘shall not exclude’’ and all that follows through 
the end of the subsection and inserting the following: ‘‘may include 
education achieved, experience, sample appraisals, and references 
from prior clients. Membership in a nationally recognized profes-
sional appraisal organization may be a criteria considered, though 
lack of membership therein shall not be the sole bar against consid-
eration for an assignment under these criteria.’’. 
(n) APPRAISER INDEPENDENCE.—Section 1122 of the Financial 
Institutions Reform, Recovery, and Enforcement Act of 1989 (12 
U.S.C. 3351) is amended by adding at the end the following new 
subsection: 
‘‘(g) APPRAISER INDEPENDENCE MONITORING.—The Appraisal 
Subcommittee shall monitor each State appraiser certifying and 
licensing agency for the purpose of determining whether such 
agency’s policies, practices, and procedures are consistent with the 
purposes of maintaining appraiser independence and whether such 
State has adopted and maintains effective laws, regulations, and 
policies aimed at maintaining appraiser independence.’’. 
(o) APPRAISER EDUCATION.—Section 1122 of the Financial 
Institutions Reform, Recovery, and Enforcement Act of 1989 (12 
U.S.C. 3351) is amended by inserting after subsection (g) (as added 
by subsection (l) of this section) the following new subsection: 
‘‘(h) APPROVED EDUCATION.—The Appraisal Subcommittee shall 
encourage the States to accept courses approved by the Appraiser 
Qualification Board’s Course Approval Program.’’. 
(p) APPRAISAL COMPLAINT HOTLINE.—Section 1122 of the Finan-
cial Institutions Reform, Recovery, and Enforcement Act of 1989 
(12 U.S.C. 3351), as amended by this section, is amended by adding 
at the end the following new subsection: 
‘‘(i) APPRAISAL COMPLAINT NATIONAL HOTLINE.—If, 6 months 
after the date of the enactment of this subsection, the Appraisal 
Subcommittee determines that no national hotline exists to receive 
complaints of non-compliance with appraisal independence stand-
ards and Uniform Standards of Professional Appraisal Practice, 
including complaints from appraisers, individuals, or other entities 
concerning the improper influencing or attempted improper influ-
encing of appraisers or the appraisal process, the Appraisal Sub-
committee shall establish and operate such a national hotline, which 
shall include a toll-free telephone number and an email address. 
If the Appraisal Subcommittee operates such a national hotline, 
the Appraisal Subcommittee shall refer complaints for further action 
to appropriate governmental bodies, including a State appraiser 
certifying and licensing agency, a financial institution regulator,
H. R. 4173—823 
or other appropriate legal authorities. For complaints referred to 
State appraiser certifying and licensing agencies or to Federal regu-
lators, the Appraisal Subcommittee shall have the authority to 
follow up such complaint referrals in order to determine the status 
of the resolution of the complaint.’’. 
(q) AUTOMATED VALUATION MODELS.—Title XI of the Financial 
Institutions Reform, Recovery, and Enforcement Act of 1989 (12 
U.S.C. 3331 et seq.), as amended by this section, is amended by 
adding at the end the following new section (and amending the 
table of contents accordingly): 
‘‘SEC. 1125. AUTOMATED VALUATION MODELS USED TO ESTIMATE 
COLLATERAL VALUE FOR MORTGAGE LENDING PUR-
POSES. 
‘‘(a) IN GENERAL.—Automated valuation models shall adhere 
to quality control standards designed to— 
‘‘(1) ensure a high level of confidence in the estimates 
produced by automated valuation models; 
‘‘(2) protect against the manipulation of data; 
‘‘(3) seek to avoid conflicts of interest; 
‘‘(4) require random sample testing and reviews; and 
‘‘(5) account for any other such factor that the agencies 
listed in subsection (b) determine to be appropriate. 
‘‘(b) ADOPTION OF REGULATIONS.—The Board, the Comptroller 
of the Currency, the Federal Deposit Insurance Corporation, the 
National Credit Union Administration Board, the Federal Housing 
Finance Agency, and the Bureau of Consumer Financial Protection, 
in consultation with the staff of the Appraisal Subcommittee and 
the Appraisal Standards Board of the Appraisal Foundation, shall 
promulgate regulations to implement the quality control standards 
required under this section. 
‘‘(c) ENFORCEMENT.—Compliance with regulations issued under 
this subsection shall be enforced by— 
‘‘(1) with respect to a financial institution, or subsidiary 
owned and controlled by a financial institution and regulated 
by a Federal financial institution regulatory agency, the Federal 
financial institution regulatory agency that acts as the primary 
Federal supervisor of such financial institution or subsidiary; 
and 
‘‘(2) with respect to other participants in the market for 
appraisals of 1-to-4 unit single family residential real estate, 
the Federal Trade Commission, the Bureau of Consumer Finan-
cial Protection, and a State attorney general. 
‘‘(d) AUTOMATED VALUATION MODEL DEFINED.—For purposes 
of this section, the term ‘automated valuation model’ means any 
computerized model used by mortgage originators and secondary 
market issuers to determine the collateral worth of a mortgage 
secured by a consumer’s principal dwelling.’’. 
(r) BROKER PRICE OPINIONS.—Title XI of the Financial Institu-
tions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 
3331 et seq.), as amended by this section, is amended by adding 
at the end the following new section (and amending the table 
of contents accordingly): 
‘‘SEC. 1126. BROKER PRICE OPINIONS. 
‘‘(a) GENERAL PROHIBITION.—In conjunction with the purchase 
of a consumer’s principal dwelling, broker price opinions may not 
be used as the primary basis to determine the value of a piece
H. R. 4173—824 
of property for the purpose of a loan origination of a residential 
mortgage loan secured by such piece of property. 
‘‘(b) BROKER PRICE OPINION DEFINED.—For purposes of this 
section, the term ‘broker price opinion’ means an estimate prepared 
by a real estate broker, agent, or sales person that details the 
probable selling price of a particular piece of real estate property 
and provides a varying level of detail about the property’s condition, 
market, and neighborhood, and information on comparable sales, 
but does not include an automated valuation model, as defined 
in section 1125(c).’’. 
(s) AMENDMENTS TO APPRAISAL SUBCOMMITTEE.—Section 1011 
of the Federal Financial Institutions Examination Council Act of 
1978 (12 U.S.C. 3310) is amended— 
(1) in the first sentence, by adding before the period the 
following: ‘‘, the Bureau of Consumer Financial Protection, and 
the Federal Housing Finance Agency’’; and 
(2) by inserting at the end the following: ‘‘At all times 
at least one member of the Appraisal Subcommittee shall have 
demonstrated knowledge and competence through licensure, 
certification, or professional designation within the appraisal 
profession.’’. 
(t) TECHNICAL CORRECTIONS.— 
(1) Section 1119(a)(2) of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 3348(a)(2)) 
is amended by striking ‘‘council,’’ and inserting ‘‘Council,’’. 
(2) Section 1121(6) of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 3350(6)) 
is amended by striking ‘‘Corporations,’’ and inserting ‘‘Corpora-
tion,’’. 
(3) Section 1121(8) of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 3350(8)) 
is amended by striking ‘‘council’’ and inserting ‘‘Council’’. 
(4) Section 1122 of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 3351) is 
amended— 
(A) in subsection (a)(1) by moving the left margin of 
subparagraphs (A), (B), and (C) 2 ems to the right; and 
(B) in subsection (c)— 
(i) by striking ‘‘Federal Financial Institutions 
Examination Council’’ and inserting ‘‘Financial Institu-
tions Examination Council’’; and 
(ii) by striking ‘‘the council’s functions’’ and 
inserting ‘‘the Council’s functions’’. 
SEC. 1474. EQUAL CREDIT OPPORTUNITY ACT AMENDMENT. 
Subsection (e) of section 701 of the Equal Credit Opportunity 
Act (15 U.S.C. 1691) is amended to read as follows: 
‘‘(e) COPIES FURNISHED TO APPLICANTS.— 
‘‘(1) IN
GENERAL.—Each creditor shall furnish to an 
applicant a copy of any and all written appraisals and valu-
ations developed in connection with the applicant’s application 
for a loan that is secured or would have been secured by 
a first lien on a dwelling promptly upon completion, but in 
no case later than 3 days prior to the closing of the loan, 
whether the creditor grants or denies the applicant’s request 
for credit or the application is incomplete or withdrawn.