---
kind: "section"
citation: "12 C.F.R. § 323.15"
title: "12"
number: "323.15"
heading: "Authority, purpose, and scope."
url: "https://uscodex.org/cfr/12/323.15"
---

# §323.15. Authority, purpose, and scope.

- (a) **Authority.** This subpart is issued pursuant to [section 1125](/cfr/12/1125.md) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, [12 U.S.C. 3354](/usc/12/3354.md), as added by [section 1473(q)](/cfr/12/1473.md?p=q) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203, 124 Stat. 1376, 2198 (2010)).
- (b) **Purpose and scope.**
  - (1) The purpose of this subpart is to implement the quality control standards in [section 3354](/usc/12/3354.md) of title 12 for the use of automated valuation models in determining the value of collateral in connection with making a credit decision or covered securitization determination regarding a mortgage or mortgage-backed security. This subpart applies to entities regulated by the FDIC that are mortgage originators or secondary market issuers.
  - (2) **This subpart does not apply to the use of automated valuation models in—**
    - (i) Monitoring of the quality or performance of mortgages or mortgage-backed securities;
    - (ii) Reviews of the quality of already completed determinations of the value of collateral; or
    - (iii) **The development of an appraisal by a certified or licensed appraiser.**

## Notes

### Source

Source: 89 FR 64574, Aug. 7, 2024, unless otherwise noted.

### Authority

Authority: 12 U.S.C. 1818, 1819(a)(“Seventh” and “Tenth”), 1831p-1 and 3331 et seq.

### Source

Source: 55 FR 33888, Aug. 20, 1990, unless otherwise noted.