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(B) in subsection (c)— 
(i) by striking ‘‘Federal Financial In-
stitutions Examination Council’’ and in-
serting ‘‘Financial Institutions Examina-
tion Council’’; and 
(ii) by striking ‘‘the council’s func-
tions’’ and inserting ‘‘the Council’s func-
tions’’. 
SEC. 9504. STUDY REQUIRED ON IMPROVEMENTS IN AP-
PRAISAL PROCESS AND COMPLIANCE PRO-
GRAMS. 
(a) STUDY.—The Comptroller General shall conduct 
a comprehensive study on possible improvements in the 
appraisal process generally, and specifically on the consist-
ency in and the effectiveness of, and possible improve-
ments in, State compliance efforts and programs in ac-
cordance with title XI of the Financial Institutions Re-
form, Recovery, and Enforcement Act of 1989. In addi-
tion, this study shall examine the existing exemptions to 
the use of certified appraisers issued by Federal financial 
institutions regulatory agencies. The study shall also re-
view the threshold level established by Federal regulators 
for compliance under title XI and whether there is a need 
to revise them to reflect the addition of consumer protec-
tion to the purposes and functions of the Appraisal Sub-
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committee. The study shall additionally examine the qual-
ity of different types of mortgage collateral valuations pro-
duced by broker price opinions, automated valuation mod-
els, licensed appraisals, and certified appraisals, among 
others, and the quality of appraisals provided through dif-
ferent distribution channels, including appraisal manage-
ment companies, independent appraisal operations within 
a mortgage originator, and fee-for-service appraisals. The 
study shall also include an analysis and statistical break-
down of enforcement actions taken during the last 10 
years against different types of appraisers, including cer-
tified, licensed, supervisory, and trainee appraisers. Fur-
thermore, the study shall examine the benefits and costs, 
as well as the advantages and disadvantages, of estab-
lishing a national repository to collect data related to real 
estate property collateral valuations performed in the 
United States. 
(b) REPORT.—Before the end of the 18-month period 
beginning on the date of the enactment of this Act, the 
Comptroller General shall submit a report on the study 
under subsection (a) to the Committee on Financial Serv-
ices of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Senate, 
together with such recommendations for administrative or 
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legislative action, at the Federal or State level, as the 
Comptroller General may determine to be appropriate. 
(c) ADDITIONAL STUDY REQUIRED.—The Comp-
troller General shall conduct an additional study to deter-
mine the effects that the changes to the seller-guide ap-
praisal requirements of Fannie Mae and Freddie Mac con-
tained in the Home Valuation Code of Conduct have on 
small business, like mortgage brokers and independent ap-
praisers, and consumers, including the effect on the— 
(1) quality and costs of appraisals; 
(2) length of time for obtaining appraisals; 
(3) impact on consumer protection, especially 
regarding maintaining appraisal independence, abat-
ing appraisal inflation, and mitigating acts of ap-
praisal fraud; 
(4) structure of the appraisal industry, espe-
cially regarding appraisal management companies, 
fee-for-service appraisers, and the regulation of ap-
praisal management companies by the states; and 
(5) impact on mortgage brokers and other small 
business professionals in the financial services indus-
try. 
(d) ADDITIONAL REPORT.—Before the end of the 6- 
month period beginning on the date of the enactment of 
this Act, the Comptroller General shall submit an addi-
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tional report to the Committee on Financial Services of 
the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate con-
taining the findings and conclusions of the Comptroller 
General with respect to the study conducted pursuant to 
subsection (c). Such additional report shall take into con-
sideration the Small Business Administration’s views on 
how small businesses are affected by the Home Valuation 
Code of Conduct. 
SEC. 9505. EQUAL CREDIT OPPORTUNITY ACT AMENDMENT. 
Subsection (e) of section 701 of the Equal Credit Op-
portunity 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 ap-
praisals and valuations 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. 
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‘‘(2) WAIVER.—The applicant may waive the 3 
day requirement provided for in paragraph (1), ex-
cept where otherwise required in law. 
‘‘(3) REIMBURSEMENT.—The applicant may be 
required to pay a reasonable fee to reimburse the 
creditor for the cost of the appraisal, except where 
otherwise required in law. 
‘‘(4) FREE COPY.—Notwithstanding paragraph 
(3), the creditor shall provide a copy of each written 
appraisal or valuation at no additional cost to the 
applicant. 
‘‘(5) NOTIFICATION
TO
APPLICANTS.—At the 
time of application, the creditor shall notify an ap-
plicant in writing of the right to receive a copy of 
each written appraisal and valuation under this sub-
section. 
‘‘(6) REGULATIONS.—The Board shall prescribe 
regulations to implement this subsection within 1 
year of the date of the enactment of this subsection. 
‘‘(7) VALUATION
DEFINED.—For purposes of 
this subsection, the term ‘valuation’ shall include 
any estimate of the value of a dwelling developed in 
connection with a creditor’s decision to provide cred-
it, including those values developed pursuant to a 
policy of a government sponsored enterprise or by an 
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