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CFPBRulemakingCFPB-2023-0025

Quality Control Standards for Automated Valuation Models

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Wisconsin Bankers Association filings
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Wisconsin 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 Wisconsin Bankers Association filed (1)

Aug 21, 2023· Comment from Wisconsin Bankers Association· CFPB-2023-0025-0034

Please find attached WBA's comments regarding the interagency proposal for AVMs.

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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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