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NCUA | RIN: 3133-AE23 | Publication ID: Fall 2013 |
Title: Automated Valuation Models | |
Abstract: The Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, Consumer Financial Protection Bureau, and National Credit Union Administration (collectively the Agencies) will issue a joint proposed rule to establish quality control standards for the use of automated valuation models (AVM) to implement the provisions of section 1473(q) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among other things, the proposal would require that AVMs used by mortgage originators and secondary market issuers to determine the collateral worth of a mortgage secured by a consumer's principal dwelling adhere to quality control standards. The proposed quality control standards would: (1) Ensure a high level of confidence in the estimates produced by automated valuation models; (2) protect against the manipulation of data; (3) seek to avoid conflicts of interest; (4) require random sample testing and reviews; and (5) account for any other such factor that the Agencies determine appropriate. | |
Agency: National Credit Union Administration(NCUA) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: Not Yet Determined (To search for a specific CFR, visit the Code of Federal Regulations.) | |
Legal Authority: 12 USC 1766(a) 12 USC 3354(a) |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Information URL: www.ncua.gov/Legal/Regs/Pages/PropRegs.aspx | |
RIN Data Printed in the FR: No | |
Related Agencies: Joint: TREAS/OCC, FRS, FDIC, FHFA, CFPB; | |
Agency Contact: John H. Brolin Senior Staff Attorney National Credit Union Administration 1775 Duke Street, Alexandria, VA 22314 Phone:703 518-6438 Fax:703 518-2255 Email: jbrolin@ncua.gov |