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
8/29/2023
/ Appraisal ,
Automated Decision Systems (ADS) ,
Consumer Financial Protection Bureau (CFPB) ,
Data Management ,
Fair Housing Act (FHA) ,
FDIC ,
FHFA ,
Financial Services Industry ,
FIRREA ,
Model Rules ,
Mortgages ,
NCUA ,
OCC ,
Proposed Rules ,
Quality Control Plan ,
Real Estate Financing ,
Truth in Lending Act (TILA) ,
Valuation
Problems with lack of affordability and access to housing are longstanding in the U.S. The CFPB has indicated that “minority households… continue to lack fair and equitable access to credit,” including mortgage lending. These...more
On March 17, 2023, in honor of Fair Housing Month, the U.S. Department of Housing and Urban Development (HUD) announced it would reinstate the 2013 discriminatory effects rule (the 2013 Rule) (see 24 C.F.R. § 100.500 (2014))...more
On March 8, 2023, the Department of Housing and Urban Development (HUD) published a final rule allowing mortgagees to modify a Federal Housing Administration (FHA) insured mortgage by recasting the total unpaid loan for a new...more