Data / Federal rules / 2024-16197
Quality Control Standards for Automated Valuation Models
The Federal Housing Finance Agency published this final rule in the Federal Register on August 7, 2024. It took effect on October 1, 2025.
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What the agency says
The OCC, Board, FDIC, NCUA, CFPB, and FHFA (collectively, the agencies) are adopting a final rule to implement the quality control standards mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) for the use of automated valuation models (AVMs) by mortgage originators and secondary market issuers in determining the collateral worth of a mortgage secured by a consumer's principal dwelling. Under the final rule, institutions that engage in certain credit decisions or securitization determinations must adopt policies, practices, procedures, and control systems to ensure that AVMs used in these transactions to determine the value of mortgage collateral adhere to quality control standards designed to ensure a high level of confidence in the estimates produced by AVMs; protect against the manipulation of data; seek to avoid conflicts of interest; require random sample testing and reviews; and comply with applicable nondiscrimination laws.
Key facts
- Document number
- 2024-16197
- Type
- Final rule
- Action
- Final rule
- Agency
- Treasury Department; Comptroller of the Currency; Federal Reserve System; Federal Deposit Insurance Corporation; National Credit Union Administration; Consumer Financial Protection Bureau; Federal Housing Finance Agency
- Published
- August 7, 2024
- Takes effect
- October 1, 2025
- Dates
- This final rule is effective October 1, 2025.
- Docket
- Docket No. OCC-2023-0002; Docket No. R-1807; Docket No. NCUA-2023-0019; Docket No. CFPB-2023-0025
- Regulation ID (RIN)
- 1557-AD87; 2590-AA62; 3064-AE68; 3133-AE23; 3170-AA57; 7100-AG60
- Code of Federal Regulations
- 12 CFR 34; 12 CFR 225; 12 CFR 323; 12 CFR 722; 12 CFR 741; 12 CFR 1026; 12 CFR 1222
- Topics
- Administrative practice and procedure; Advertising; Banks, banking; Consumer protection; Credit; Credit unions; Government-sponsored enterprises; Holding companies; Investments; Mortgages; Reporting and recordkeeping requirements; Savings associations; Securities
- Pages
- 43
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Everything from the Federal Housing Finance Agency · Rules on administrative practice and procedure · Rules on advertising · Rules on banks, banking · Published in August 2024
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