Interagency Guidance on Reconsiderations of Value of Residential Real Estate Valuations — 2024-07-26 [2024-16200]

Board of Governors of the Federal Reserve System (Board); Consumer Financial Protection Bureau (CFPB); Federal Deposit Insurance Corporation (FDIC); National Credit Union Administration (NCUA); and Office of the Comptroller of the Currency (OCC), Treasury. The Board, CFPB, FDIC, NCUA, and OCC (together, the agencies) are issuing final guidance that highlights risks associated with deficient residential real estate valuations and describes how financial institutions may incorporate reconsiderations of value (ROV) processes and controls into established risk management functions. The final guidance also provides examples of policies and procedures that a financial institution may choose to implement to help identify, address, and mitigate the risk of discrimination impacting residential real estate valuations. The guidance is final as of July 26, 2024. OCC: Siddarth Rao, Fair Lending Compliance Policy Specialist, (732) 635-2070; Olutoyin Falade, Fair Lending Compliance Policy Specialist, (972) 277-9551; James B.