The Appraisal Modernization Act aims to enhance the efficiency and fairness of the housing market by improving the appraisal process for mortgage loans. It seeks to ensure that financial institutions, appraisal management companies, appraisers, and other valuation professionals provide consistent and equitable services to all borrowers and communities. A central feature of the Act is the establishment of a public appraisal database that will contain detailed residential real estate appraisal data.