Regulatory Alerts2024-07-26 | 2024-16200Interagency 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 final interagency guidance to address risks associated with deficient residential real estate valuations. The guidance describes how financial institutions may incorporate Reconsiderations of Value processes into established risk management functions to identify and mitigate discrimination. It provides examples of policies and procedures institutions may implement while clarifying that the scope is limited to single 1-to-4 family residential properties.
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