NAR Response to Joint Regulator NPR on AVMs

NAR sent a response to the joint banking and finance regulators on their proposed a joint rule to implement the statute on AVM regulation in Dodd-Frank.

In the response, NAR largely agrees with the flexible approach from the regulators, but recommends the regulators:

• Should provide clear guidance for AVM practitioners,
• Consider variations in data quality used by AVMs and how to raise the bar across the market,
• Apply these rules to the 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.