The banking agencies set a comment deadline of August 21, 2023 for a proposed to require mortgage originators and secondary market issuers to ensure that "automated valuation models used in certain credit decisions or covered securitization determinations adhere to quality control standards."
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Banking agencies proposed a rule that would require mortgage originators and secondary market issuers to "adopt policies, practices, procedures, and control systems to ensure that automated valuation models used in certain credit decisions or covered securitization determinations adhere to quality control standards."
In a review panel, the CFPB outlined its options to ensure that computer models used to help determine home valuations are accurate and fair.
The GAO recommended changes in the federal review process for granting waivers from the requirement to obtain residential mortgage appraisals.
The Federal Reserve Board, OCC and FDIC adopted an interim final rule which defers certain regulations requiring an appraisal or evaluation of real estate.