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FINANCIAL INSTITUTION LETTER | JUNE 1, 2023 |
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REQUEST FOR COMMENTS ON REAL ESTATE VALUATIONS: QUALITY CONTROL STANDARDS FOR AUTOMATED VALUATION MODELS
SUMMARY:
The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Federal Housing Finance Agency, and the Consumer Financial Protection Bureau (the agencies) jointly issued a Notice of Proposed Rulemaking (NPR) seeking 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.
STATEMENT OF APPLICABILITY:
This Financial Institution Letter (FIL) applies to all FDIC-supervised institutions.
DISTRIBUTION:
FDIC-Supervised Institutions
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