NAR responds to proposed rule on automated valuation models

Dated: September 9 2023

Views: 91

The National Association of Realtors (NAR) sent a response 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. In the response, NAR largely agrees with the flexible approach from the regulators, but recommends the regulators:

  • provide clear guidance for AVM practitioners
  • consider variations in data quality used by AVMs and how to raise the bar across the market
  • apply the 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

Source: Nar.realtor; 8/23/2023

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Pete McGuinn

Pete McGuinn - Your Trusted RE/MAX Main Line Real Estate Expert With over 22 years of experience as a full-time REALTOR® at RE/MAX Main Line, Pete McGuinn is a distinguished real estate professional....

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