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FINANCIAL INSTITUTION LETTER | JULY 18, 2024 |
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AGENCIES FINALIZE INTERAGENCY GUIDANCE ON RECONSIDERATIONS OF VALUE FOR RESIDENTIAL REAL ESTATE VALUATIONS
SUMMARY:
The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau (collectively, the agencies), are issuing final Interagency Guidance on Reconsiderations of Value (ROV) of Residential Real Estate Valuations in the Federal Register. The final guidance highlights the risks associated with deficient residential real estate valuations, particularly those that contain inaccuracies due to errors, omissions, or discrimination that affect the value conclusion. Additionally, the final guidance 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.
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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