On June 1, six Federal financial regulatory agencies[1] (Agencies) jointly issued a Notice of Proposed Rulemaking (the Proposed Rule) requiring the implementation of quality control standards for the use of automated valuation models (AVMs) to estimate the value of real estate. The standards would apply to AVMs used by mortgage originators and secondary market issuers in determining the collateral value of a mortgage secured by a consumer’s principal dwelling. The rulemaking was required by Section 1473(q) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ...
On April 5, 2021 the Consumer Financial Protection Bureau (CFPB) published a proposed rule entitled Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X. The proposed amendments to Regulation X are aimed to ensure that the approximately 2.5 million borrowers still in forbearance programs will not be ushered immediately into foreclosure when their respective COVID-related forbearance ends.
The proposed amendments, which apply only to mortgage loans secured by principal residences, contemplate a ...
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