{"abstract":"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.","action":"Final rule.","agencies":[{"raw_name":"DEPARTMENT OF THE TREASURY","name":"Treasury Department","id":497,"url":"https://www.federalregister.gov/agencies/treasury-department","json_url":"https://www.federalregister.gov/api/v1/agencies/497","parent_id":null,"slug":"treasury-department"},{"raw_name":"Office of the Comptroller of the Currency","name":"Comptroller of the Currency","id":80,"url":"https://www.federalregister.gov/agencies/comptroller-of-the-currency","json_url":"https://www.federalregister.gov/api/v1/agencies/80","parent_id":497,"slug":"comptroller-of-the-currency"},{"raw_name":"FEDERAL RESERVE SYSTEM","name":"Federal Reserve System","id":188,"url":"https://www.federalregister.gov/agencies/federal-reserve-system","json_url":"https://www.federalregister.gov/api/v1/agencies/188","parent_id":null,"slug":"federal-reserve-system"},{"raw_name":"FEDERAL DEPOSIT INSURANCE CORPORATION","name":"Federal Deposit Insurance Corporation","id":164,"url":"https://www.federalregister.gov/agencies/federal-deposit-insurance-corporation","json_url":"https://www.federalregister.gov/api/v1/agencies/164","parent_id":null,"slug":"federal-deposit-insurance-corporation"},{"raw_name":"NATIONAL CREDIT UNION ADMINISTRATION","name":"National Credit Union Administration","id":335,"url":"https://www.federalregister.gov/agencies/national-credit-union-administration","json_url":"https://www.federalregister.gov/api/v1/agencies/335","parent_id":null,"slug":"national-credit-union-administration"},{"raw_name":"Consumer Financial Protection Bureau","name":"Consumer Financial Protection Bureau","id":573,"url":"https://www.federalregister.gov/agencies/consumer-financial-protection-bureau","json_url":"https://www.federalregister.gov/api/v1/agencies/573","parent_id":null,"slug":"consumer-financial-protection-bureau"},{"raw_name":"FEDERAL HOUSING FINANCE AGENCY","name":"Federal Housing Finance Agency","id":174,"url":"https://www.federalregister.gov/agencies/federal-housing-finance-agency","json_url":"https://www.federalregister.gov/api/v1/agencies/174","parent_id":null,"slug":"federal-housing-finance-agency"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2024/08/07/2024-16197.html","cfr_references":[{"chapter":null,"citation_url":null,"part":34,"title":12},{"chapter":null,"citation_url":null,"part":225,"title":12},{"chapter":null,"citation_url":null,"part":323,"title":12},{"chapter":null,"citation_url":null,"part":722,"title":12},{"chapter":null,"citation_url":null,"part":741,"title":12},{"chapter":null,"citation_url":null,"part":1026,"title":12},{"chapter":null,"citation_url":null,"part":1222,"title":12}],"citation":"89 FR 64538","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"This final rule is effective October 1, 2025.","disposition_notes":null,"docket_ids":["Docket No. OCC-2023-0002","Docket No. R-1807","Docket No. NCUA-2023-0019","Docket No. CFPB-2023-0025"],"dockets":[{"supporting_documents":[{"title":"SBREFA Outline Feedback from Various Civil Rights, Consumer, Technology, and Advocacy Organizations","document_id":"CFPB-2023-0025-0015"},{"title":"SBREFA Outline Feedback from Darius Bozorgi - Veros Real Estate Solutions","document_id":"CFPB-2023-0025-0014"},{"title":"CFPB AVM SBREFA Panel Report","document_id":"CFPB-2023-0025-0013"},{"title":"SBREFA Outline Feedback from Various on behalf of Appraisal Foundation IAC AVM Task Force","document_id":"CFPB-2023-0025-0012"},{"title":"SBREFA Outline Feedback from Ken Wingert - Zillow Group","document_id":"CFPB-2023-0025-0011"},{"title":"SBREFA Outline Feedback from Tim Roy - Independent Community Bankers of America","document_id":"CFPB-2023-0025-0010"},{"title":"SBREFA Outline Feedback from Allison MacDonald - AVMetrics","document_id":"CFPB-2023-0025-0009"},{"title":"SBREFA Outline Feedback from Various on behalf of Appraisal Institute","document_id":"CFPB-2023-0025-0008"},{"title":"SBREFA Outline Feedback from Paul Bidanset - Center for Appraisal Research and Technology","document_id":"CFPB-2023-0025-0007"},{"title":"SBREFA Outline Feedback from Kathleen C. Ryan - American Bankers Association","document_id":"CFPB-2023-0025-0006"}],"agency_name":"CFPB","documents":[{"comment_count":0,"comment_start_date":"2024-08-07","updated_at":"2024-09-03T17:17:15.959-04:00","comment_url":"https://www.regulations.gov/commenton/CFPB-2023-0025-0045","allow_late_comments":false,"id":"CFPB-2023-0025-0045","comment_end_date":null,"regulations_dot_gov_open_for_comment":false}],"supporting_documents_count":12,"id":"CFPB-2023-0025","title":"Quality Control Standards for Automated Valuation Models"},{"supporting_documents":[],"agency_name":"NCUA","documents":[{"comment_count":0,"comment_start_date":"2024-08-07","updated_at":"2024-09-03T17:17:35.362-04:00","comment_url":"https://www.regulations.gov/commenton/NCUA-2023-0019-0020","allow_late_comments":false,"id":"NCUA-2023-0019-0020","comment_end_date":null,"regulations_dot_gov_open_for_comment":false}],"supporting_documents_count":0,"id":"NCUA-2023-0019","title":"Quality Control Standards for Automated Valuation 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