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."
The CFPB highlighted findings from supervisory examinations completed between January 2022 and June 2022.
The GAO recommended changes in the federal review process for granting waivers from the requirement to obtain residential mortgage appraisals.
The CFPB charged a mortgage lender with using exaggerated and misleading home estimates to encourage customers to take out reverse mortgages.