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CFPBRulemakingCFPB-2023-0025

Quality Control Standards for Automated Valuation Models

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Mortgage Bankers Association filings
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Mortgage Bankers Association filed 1 comment on this docket between Aug 21, 2023 and Aug 21, 2023. 10 other organizations filed here. The comment window closed 1072d ago.

What Mortgage Bankers Association filed (1)

Aug 21, 2023· Comment from Mortgage Bankers Association & Consumer Bankers Association· CFPB-2023-0025-0036

Attached please find comments from the Mortgage Bankers Association (MBA) and Consumer Bankers Association (CBA). Should you have any questions or wish to discuss these issues further, please contact Hanna Pitz, Assistant Director of Housing Finance Policy, MBA at (202) 557-2796 or HPitz@mba.org; or Shelley Thompson, Vice President and Associate General Counsel, CBA at (202) 989-5340 or SThompson@consumerbankers.org

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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/

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Co-filers (10)

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