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Reg Alert highlights joint agency proposed guidance on ROVs
NAFCU Thursday sent members a Regulatory Alert detailing the proposed joint agency guidance on reconsiderations of value (ROV) of residential real estate valuations. The NCUA is one of the agencies involved in the proposal.
The alert explained that the proposed guidance identifies risks from inaccurate residential real estate valuations to both consumers and financial institutions. Additionally, the guidance would highlight best practices for ROV processes, compliance controls, and ways to incorporate them into existing risk management programs used to help identify and mitigate unlawful discrimination.
NAFCU noted inaccurate residential real estate valuations “pose significant threats to the credit union industry.” However, the association remarked that neither the NCUA nor other federal regulators are proposing regulations that would force changes to ROV processes.
Comments are due to the NCUA 60 days after publication in the Federal Register. Subscribe to receive Regulatory Alerts in your inbox.