Regulatory Alerts2023-07-21 | 2023-12609Interagency Guidance on Reconsiderations of Value of Residential Real Estate Valuations
The Board of Governors of the Federal Reserve System, CFPB, FDIC, NCUA, and OCC issued proposed guidance to help financial institutions manage risks associated with deficient residential real estate valuations through Reconsiderations of Value processes. The document outlines how institutions can incorporate ROV controls into existing risk management functions while preserving appraiser independence and complying with nondiscrimination laws. Agencies are requesting public comments on the proposed policies and procedures by September 19, 2023.
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