The Mortgage Bankers Association (MBA) and the Consumer Bankers Association (CBA) sent a letter to regulators on Monday warning of the “unintended consequences” of new quality control standards for automated valuation models (AVMs).
On June 1, six federal agencies requested comments from the public on a rule designed to ensure the credibility and integrity of models used in real estate valuations. The proposed rule will implement quality control standards that govern AVMs used by originators and secondary market issuers in valuing the real estate collateral securing mortgage loans.
The agencies intend to tackle two challenges evident during the Covid-years refi boom: details ⇒
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