General World News

Federal regulators approve final rule for AVM usage

On Thursday, two U.S. regulators — the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC) — announced their approval of a final rule imposing quality control standards for automated valuation models (AVMs) used by mortgage originators and secondary market issuers.

AVMs, which value residential real estate used as collateral to secure mortgages, are under an interagency rulemaking process. The final rule still requires approval from regulators such as the Federal Housing Finance Agency (FHFA), the Consumer Financial Protection Bureau (CFPB) and the details ⇒

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