CBA and MBA Joint Comment on Proposed Automated Valuation Model Rule
To Whom It May Concern:
The Mortgage Bankers Association (MBA) and the Consumer Bankers Association thank the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (the Board), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), and Federal Housing Finance Agency (FHFA) (together, “the Agencies”) for their consideration of industry feedback on the proposed rule regarding Automated Valuation Models (AVMs).Greater industry adoption of AVMs holds the potential to modernize and improve the valuation process, and MBA and CBA look forward to working in partnership with the Agencies to craft a workable regulatory framework for improving quality and lowering the cost of this critical component of mortgage lending.
