Four agencies must require a way for a borrower to challenge a valuation
To increase the supply of housing in America, and for other purposes, section 704, Sec. 704.
Written by .
Four agencies must require a way for a borrower to challenge a valuation
The document says “shall”Who acts: Secretary of Agriculture, Secretary of Veterans Affairs, Commissioner of the Federal Housing Administration, Director of the Federal Housing Finance AgencyHow: statuteSec. 704 in the PDF
What the document says
“shall each implement and maintain requirements that creditors of a federally backed mortgage loan have a review and resolution procedure for a consumer-initiated reconsideration of value or subsequent appraisal in connection with a consumer credit transaction secured by a consumer's principal dwelling.”
The section requires the Secretary of Agriculture, the Secretary of Veterans Affairs, the Commissioner of the Federal Housing Administration, and the Director of the Federal Housing Finance Agency each to put in place and keep requirements that creditors of a federally backed mortgage loan have a procedure for reviewing and resolving a reconsideration of value or later appraisal that a consumer starts, on a loan secured by the consumer's principal dwelling.
What the document actually says
“shall each implement and maintain requirements that creditors of a federally backed mortgage loan have a review and resolution procedure for a consumer-initiated reconsideration of value or subsequent appraisal in connection with a consumer credit transaction secured by a consumer's principal dwelling.”
That sentence, in plain words
Four bodies must set rules for lenders. A lender must have a way to look at a value again when the buyer asks. That covers a loan on the home the person lives in.
What this is about
An appraisal sets what a home is worth for a loan. A low one can sink a sale. This gives the buyer a way to ask for a second look.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
Increase the supply of housing in America, Public Law 119-101, sec. 704, 140 Stat. 956 (2026). https://www.govinfo.gov/content/pkg/PLAW-119publ101/html/PLAW-119publ101.htm
This page
“Four agencies must require a way for a borrower to challenge a valuation,” Increase the supply of housing in America, section 704, Sec. 704. Read the Mandate, https://readthemandate.org/pl-119-101/proposal/sec704-reconsideration-of-value/ (retrieved October 10, 2026).
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