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What is the proposed rule on Automated Valuation Models (AVMs)?

Question: 
What is the proposed rule on Automated Valuation Models (AVMs)?
Answer: 

On June 1, 2023, six agencies issued a proposed rule regarding Automated Valuation Models (AVMs), to address the algorithmic and computational models used to assess the value of homes. The agencies include the CFPB, FDIC, FHFA, NCUA, OCC, and the Federal Reserve. The proposed rule establishes quality control standards to help ensure AVMs are accurately and fairly assessing home values. Financial institutions and mortgage lenders that use AVMs will be required to adopt and maintain quality control policies and procedures that include a nondiscrimination quality control standard.

Vendor: 
Housing Research Press

Fair and Inclusive Mortgage Lending Outreach is the premier 2023 resource guide for implementing fair lending goals. Covers modern-day redlining, appraisal equality, marketplace demographics, credit needs assessment, peer analysis, product enhancement, community outreach, and preparing for an examination. PDF format with dozens of infographics and links to resources.

First published on 07/30/2023

Filed under: 
Compliance
Filed under compliance as: 
Compliance/Compliance Management

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