Quality Control Standards for Automated Valuation Models

11 organizations filed 11 public comments on Quality Control Standards for Automated Valuation Models, at the Consumer Financial Protection Bureau. The comment window closed 1072d ago.

Abstract

The OCC, Board, FDIC, NCUA, CFPB, and FHFA (collectively, the agencies) invite comment on a proposed rule to implement the quality control standards mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) for the use of automated valuation models (AVMs) by mortgage originators and secondary market issuers in determining the collateral worth of a mortgage secured by a consumer’s principal dwelling. Under the proposal, the agencies would require institutions that engage in certain credit decisions or securitization determinations to adopt policies, practices, procedures, and control systems to ensure that AVMs used in these transactions to determine the value of mortgage collateral adhere to quality control standards designed to ensure a high level of confidence in the estimates produced by AVMs; protect against the manipulation of data; seek to avoid conflicts of interest; require random sample testing and reviews; and comply with applicable nondiscrimination laws. For more information about commenting on CFPB’s Notices, please visit us at: https://www.consumerfinance.gov/rules-policy/notice-opportunities-comment/commenting-on-notices/

Commenters (11)

• GoWest Credit Union Associationtrade assoc.

  1 filing · confidence 85%
• Housing Policy Counciltrade assoc.

  1 filing · confidence 85%
• Manufactured Housing Institutetrade assoc.

  1 filing · confidence 85%
• Mortgage Bankers Associationtrade assoc.

  1 filing · confidence 97%
• National Association of REALTORStrade assoc.

  1 filing · confidence 85%
• National Community Reinvestment Coalitiontrade assoc.

  1 filing · confidence 85%
• National Consumer Law Centerunverified attribution

  1 filing · confidence 70%
• The Appraisal Foundationtrade assoc.

  1 filing · confidence 85%
• The Greenlining Institutetrade assoc.

  1 filing · confidence 85%
• USAlliance Federal Credit Unionunverified attribution

  1 filing · confidence 70%
• Wisconsin Bankers Associationtrade assoc.

  1 filing · confidence 97%