Regulatory Alerts2023-07-21 | 2023-12609Added · Updated
Interagency Guidance on Reconsiderations of Value of Residential Real Estate Valuations
The Board, CFPB, FDIC, NCUA, and OCC issued proposed interagency guidance requiring financial institutions to establish or enhance Reconsiderations of Value (ROV) processes for residential real estate appraisals. The framework directs institutions to integrate ROV controls into existing risk management and appraisal review functions, ensuring valuation accuracy, appraiser independence, and regulatory compliance. It also provides specific policy examples to help institutions identify, address, and mitigate discrimination risks within the valuation workflow.
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