View Rule

View EO 12866 Meetings

Printer-Friendly Version     Download RIN Data in XML

---

NCUA

RIN: 3133-AE23

Publication ID: Spring 2014

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

Timetable: Action Date FR Cite NPRM  09/00/2014

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