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to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives; and (2) 90 days after the date of enactment of this Act, the Deadline. Government Accountability Office shall provide a report on Reports. the status of the study and any preliminary findings to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives. (c) CONTENT OF STUDY.—The study required by this section shall include an examination of the following: (1) APPRAISAL APPROACHES, VALUATION MODELS, AND DIS- TRIBUTION CHANNELS.— (A) The prevalence, alone or in combination, of certain appraisal approaches, models, and channels in purchase- money and refinance mortgage transactions. (B) The accuracy of these approaches, models, and channels in assessing the property as collateral. (C) Whether and how these approaches, models, and channels contributed to price speculation during the pre- vious cycle. (D) The costs to consumers of these approaches, models, and channels. (E) The disclosure of fees to consumers in the appraisal process. (F) To what extent the usage of these approaches, models, and channels may be influenced by a conflict of interest between the mortgage lender and the appraiser and the mechanism by which the lender selects and com- pensates the appraiser. (G) The suitability of these approaches, models, and channels in rural versus urban areas. (2) HOME VALUATION CODE OF CONDUCT (HVCC).— (A) How the HVCC affects mortgage lenders’ selection of appraisers. (B) How the HVCC affects State regulation of appraisers and appraisal distribution channels. (C) How the HVCC affects the quality and cost of appraisals and the length of time to obtain an appraisal. (D) How the HVCC affects mortgage brokers, small businesses, and consumers. (d) ADDITIONAL STUDY REQUIRED.— (1) IN GENERAL.—Not later than 18 months after the date Deadline. of enactment of this Act, the Government Accountability Office shall submit a study to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Finan- cial Services of the House of Representatives. (2) CONTENT OF ADDITIONAL STUDY.—The study required under paragraph (1) shall include— (A) an examination of— (i) the Appraisal Subcommittee’s ability to monitor and enforce State and Federal certification require- LAWS ments and standards, including by providing a sum- mary with a statistical breakdown of enforcement actions taken during the last 10 years;PUBLIC with on anorris VerDate Nov 24 2008 04:10 Sep 04, 2010 Jkt 089139 PO 00203 Frm 00827 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203