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Valuation Consumer Financial Protection Bureau (CFPB) Mortgages

Saul Ewing LLP

CFPB and Other Federal Agencies Enact New Rule to Regulate Use of Automated Valuation Models for Mortgage Transactions

Saul Ewing LLP on

On July 1, 2024, the Consumer Financial Protection Bureau (“CFPB”)—the primary federal watchdog of the consumer finance industry—along with several other federal agencies, approved a new rule to regulate the use of automated...more

Alston & Bird

CFPB and Other Federal Agencies Finally Adopt AVM Rule

Alston & Bird on

What Happened? On June 20, 2024, a group of federal regulators published a rule addressing for the use of automated valuation models (AVMs) in mortgage origination and secondary market transactions....more

Cadwalader, Wickersham & Taft LLP

Federal Regulators Publish Final Rule on Automated Valuation Models and AI That Imposes Obligations on Secondary Market Issuers,...

On June 6, 2024 federal regulators published a final rule addressing Quality Control Standards for Automated Valuation Models. This was a collaborative rulemaking effort that included regulators from the Office of the...more

Venable LLP

Federal Regulators Continue their Focus on Fair Lending and Appraisal Bias

Venable LLP on

As 2024 gets off the ground, federal regulators are continuing their focus on fair lending issues. In February, the Federal Financial Institutions Examination Council (FFIEC) released a statement on examination principles...more

Husch Blackwell LLP

FFIEC Issues Statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending

Husch Blackwell LLP on

On February 12, 2024, the Federal Financial Institutions Examination Council (FFIEC) issued a statement of principles that relate to valuation discrimination and bias for its member entities to consider in preparation for...more

McGlinchey Stafford

Agencies Propose Quality Control Standards for AVMs

McGlinchey Stafford on

Mortgage originators and secondary market issuers use automated valuation models (AVMs) in determining the worth of collateral securing mortgages on consumers’ principal dwellings. As part of the Dodd-Frank Wall Street Reform...more

Hudson Cook, LLP

CFPB Bites of the Month - June 2023 - A New Definition of Summer Madness

Hudson Cook, LLP on

In this month's article, we share some of our top "bites" for the prior month covered during the June 2023 webinar. Bite 12: CFPB Focusing on Overdraft Issues - On May 18, 2023, the CFPB announced that it had issued a...more

Buchalter

CFPB Proposed Regulatory Activity Agenda Released, Focuses on Limitations on Bank and Credit Card Fees, Small Business Lending...

Buchalter on

The Office of Information and Regulatory Affairs in the Office of Management and Budget has released the Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions (Agenda) reports on the actions administrative agencies...more

Ballard Spahr LLP

New CFPB Factsheets Addressing ECOA Valuations Rule Are Likely to Create Confusion Regarding Coverage

Ballard Spahr LLP on

The CFPB recently issued two factsheets regarding the Equal Credit Opportunity Act (ECOA) and Regulation B provisions that require creditors to provide the applicant with a copy of any written appraisal or other valuation...more

Ballard Spahr LLP

CFPB Addresses Rescission And TRID Rule Waiting Periods And Changed Circumstances In View Of COVID-19

Ballard Spahr LLP on

On April 29, 2020, the Consumer Financial Protection Bureau (CFPB) announced an interpretive rule addressing the waiting periods under the Regulation Z right to rescind provisions and the TRID rule in view of COVID-19, and...more

Locke Lord LLP

Thoughts from the CFPB on Private Mortgage Insurance Cancellation and Termination

Locke Lord LLP on

On August 4, 2015, the Bureau of Consumer Financial Protection (CFPB) issued a bulletin (CFPB Bulletin 2015-03) to assist residential mortgage servicers and subservicers (Servicers) with their compliance obligations regarding...more

Ballard Spahr LLP

CFPB Issues Final ECOA Appraisal Rule

Ballard Spahr LLP on

The Consumer Financial Protection Bureau has issued a final rule to implement Dodd-Frank amendments to the Equal Credit Opportunity Act that require creditors to provide to a first lien mortgage applicant a copy of all...more

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