On July 17, the CFPB, OCC, Fed, FDIC, NCUA and FHFA adopted a final rule titled “Quality Control Standards for Automated Valuation Models.” As previously covered by InfoBytes, this final rule implemented new provisions governing the use of automated valuation models (AVMs), which were commonly used by mortgage originators and secondary-market issuers to estimate a property’s value for loan underwriting and portfolio monitoring. The Dodd-Frank Act mandated these new rules to give mortgage originators and secondary market issuers a chance to issue quality control standards while using AVMs in determining the collateral worth of a mortgage secured by a consumer’s principal dwelling. The previous version of this final rule can be found here.