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FINANCIAL INSTITUTION LETTER | JUNE 8, 2023 |
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Notice of Proposed Interagency Guidance on Reconsiderations of Value of Residential Real Estate Valuations
SUMMARY:
The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, and the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau (collectively, the agencies), are issuing proposed Interagency Guidance on Reconsiderations of Value (ROV) of Residential Real Estate Valuations in the Federal Register for public comment. The proposal highlights the risks associated with deficient residential real estate valuations, particularly those that can contain errors, omissions, or discrimination that affect the value conclusion. Additionally, the proposal describes how financial institutions may incorporate effective ROV processes into established appraisal and evaluation programs, consistent with safety and soundness standards and all applicable laws and regulations, including those designed to protect consumers.
The proposed Interagency Guidance can be found here.
STATEMENT OF APPLICABILITY:
The contents of, and material referenced in, this FIL apply to all FDIC-supervised financial institutions
DISTRIBUTION:
FDIC-Supervised Financial Institutions
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