The OCC and the FDIC have recently approved a final rule that sets quality control standards for automated valuation models (AVMs) utilized by both mortgage originators and secondary market issuers. This development is significant for the mortgage industry as it aims to enhance the reliability and accuracy of AVMs in valuing properties for lending and investment purposes.
Key points from the text include:
– The OCC and the FDIC jointly approved the final rule.
– The rule pertains to quality control standards for AVMs.
– The standards will apply to both mortgage originators and secondary market issuers.
– The goal is to improve the accuracy and reliability of property valuations.
– The rule is expected to have a positive impact on lending and investment decisions within the mortgage industry.
You can read this full article at: https://www.housingwire.com/articles/federal-regulators-approve-final-rule-for-avm-usage/(subscription required)
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