§323.17. Quality control standards.
12 C.F.R. § 323.17
Mortgage originators and secondary market issuers that engage in credit decisions or covered securitization determinations themselves, or through or in cooperation with a third-party or affiliate, must adopt and maintain policies, practices, procedures, and control systems to ensure that automated valuation models used in these transactions adhere to quality control standards designed to:
Ensure a high level of confidence in the estimates produced;
Protect against the manipulation of data;
Seek to avoid conflicts of interest;
Require random sample testing and reviews; and
Comply with applicable nondiscrimination laws.
Notes, amendments, and revision history
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.