NAR sent a responsepdf to the joint banking and finance regulators on their proposed joint rule to implement the statute on automated valuation models (AVMs) regulation mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
In the response, NAR largely agrees with the flexible approach from the regulators, but recommends the regulators:
- Should provide clear guidance for AVM practitioners;
- Consider variations in data quality used by AVMs and how to raise the bar across the market;
- Apply these rules to the government-sponsored enterprise (GSEs);
- Provide more legal clarity around behavior that constitutes bias and should be removed from AVMs;
- Provide consumers with AVM estimates used in their origination transactions.
Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.