Interagency Guidance on Reconsiderations of Value of Residential Real Estate Valuations
Abstract
The Board, CFPB, FDIC, NCUA, and OCC (together, the agencies) are issuing final guidance that highlights risks associated with deficient residential real estate valuations and describes how financial institutions may incorporate reconsiderations of value (ROV) processes and controls into established risk management functions. The final guidance also provides examples of policies and procedures that a financial institution may choose to implement to help identify, address, and mitigate the risk of discrimination impacting residential real estate valuations.
Federal Register Source
This document is published by the Office of the Federal Register, National Archives and Records Administration. Access the full regulatory text, preamble, and docket comments below.
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Other Rules from CFPB
Frequently Asked Questions
What is the 2024-16200 Federal Register document?
Document 2024-16200 is a Final Rule published by the Consumer Financial Protection Bureau in the Federal Register on July 26, 2024. The Board, CFPB, FDIC, NCUA, and OCC (together, the agencies) are issuing final guidance that highlights risks associated with deficient residential real estate valuations and describes how financial institutions may incorporate reconsiderations of value (ROV) processes and controls into established risk management functions. The final guidance also provides examples of policies and procedures that a financial institution may choose to implement to help identify, address, and mitigate the risk of discrimination impacting residential real estate valuations. View the original at https://www.federalregister.gov/documents/2024/07/26/2024-16200/interagency-guidance-on-reconsiderations-of-value-of-residential-real-estate-valuations.
Is document 2024-16200 an economically significant rule?
No. Document 2024-16200 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.