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CFPBRulemakingCFPB-2023-0025

Quality Control Standards for Automated Valuation Models

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National Community Reinvestment Coalition filings
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National Community Reinvestment Coalition 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 National Community Reinvestment Coalition filed (1)

Aug 21, 2023· Comment from National Community Reinvestment Coalition· CFPB-2023-0025-0030

Filed on regulations.gov — full text not in the inline record.

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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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