Federal Register notice Interagency Guidance on Reconsiderations of Value of Residential Real Estate Valuations (PDF).docx

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1、DEPRMENTOFTHETREASURYOfficeofthe(Comptro1.1.eroftheCurrency12CFRPart34IDocketID()CC-2023-(M07FEDERA1.RESERVESYSTEM12CERPart225DocketNo.OP-1809FEDERA1.DEPOSITINSURANCECORPORATION12CFRPart323R1.N3064-Z36NATIoNA1.CREDITUNIONADMINISTRATION12CFRPart722IDocket11)NCUA-2023-0061CONSUMERFINANCIA1.PROTECTIONB

2、UREAu12CFRChapterXIDocketNo.CF1,B-2O23-OO33InteragencyCuidanceonReconsiderationsofVa1.ueofResidentia1.Rea1.EstateVa1.uationsGENCY:BoardofGovernorsoftheFedera1.Rcscr,cSystem(Board);ConsumerFinancia1.ProtectionBureau(CFPB);FcdcndDepositInsuranceCorporation(FDIC);Nationa1.CreditUnionAdministration(NCUA

3、);andOfficeoftheComptro1.1.eroftheCUrrenCy(OCC).,1.reasurj,.ACTION:Fina1.interagencyguidance.SUMMARY:TheBoard.CFPB.FDIC.NCUA.andOeC(together,theagencies)areissuingfina1.guidancethathigh1.ightsrisksassociatedwithdeficientresidentia1.rea1.estateva1.uationsandUcscribeshowfinancia1.institutionsmayincorp

4、ra1.ereconsiderationsofva1.ue(ROV)processesandcontro1.sintoestab1.ishedriskmanagementfunctions.Thefina1.guidaea1.soPrOvideSexamp1.esofpo1.iciesandproceduresthatafinancia1.institutionmayChOoSeIoinp1.emen1.tohe1.pidenti1.j.address,andmitigatetheriskofC1.iscriniina1.ionimpactingresidentia1.rea1.estatev

5、a1.uations.DATES:Theguidanceisfina1.asofINSERTDATEOFPUB1.ICATIONINTHEFEDERA1.REGISTER.FORFURTHERINFORMATIONCONTACT:OCC:SiddarthRao.Fair1.endingComp1.iancePo1.icySpecia1.ist,(732)635-2070;O1.utoyinFa1.ade,Fair1.endingComp1.iancePo1.icySpecia1.ist,(972)277-9551;JamesB.Rives.Retai1.CreditRiskSpecia1.is

6、t,(202)649-6594:JoannePhi1.1.ips.Counse1.,orMartaStcwart-Batcs.Counse1.ChiefConscsOffice.(202)649-5490;OfficeoftheComptro1.1.eroftheCurrency,4(X)7thStreet.SW.Washington,DC20219.Ifyouaredeaf,hardofhearing.orhaveaspeechdisabi1.ity,p1.easedia1.7-1-1toaccesste1.ecommunicationsre1.ayservices.Board:DcvynJ

7、cffcrciskSeniorFinancia1.InstitutionPo1.icyAna1.ystI1.DivisionofSupervisionandRegu1.ation.(202)452-2729;KeshiaKing.1.eadSupervisoryPo1.icyAnaIyS1.,DivisionofConsumerandCommunityAffairs.(202)452-2496;TrcvorFcig1.cson.SeniorCounse1.(202)452-3274.orDeraIdSeid.SeniorCounse1.(202)452-2246.1.ega1.Division

8、ForusersOfte1.ephonesystemsviatextte1.ephone(TTY)oranyTTY-basedTe1.ecommunicationsRe1.ayServices,p1.easeca1.1.711fromanyte1.ephone,anywhereintheUnitedStates;BoardofGovernorsoftheFedera1.ReserveSystem.20thandCStreets.NW.,Washington,DC20551.FDIC:PatrickJ.Mancoske.SeniorExaminationSpecia1.ist.Division

9、ofRiskManagementSupervision,(202)898-7032;StuartHoff.SeniorPo1.icyAna1.yst,DivisionofDepositorandConsumerProtection,(202)898-3852;1.ega1.Division:NavidChoudhury.Counse1.(202)898-6526.nchoudhutyfdic.gov.1.aurenWhitakenCounseI.(202)898-3872,1.whiiukerf(1.ic.goorMarkMe1.1.on.Counse1.(202)S9ii-3SMjnme1.

10、1.onJitic.gov.Federa1.DepositInsuranceCOrPoration.55()171.hStreetNW.,Washington.DC2(29.NCU:NaghiKha1.ed.DirectorofCreditMarkets,orWa1.ondaHo1.1.ins.SeniorCreditSpecia1.ist.OfficeOfExaminationandInsurance.(703)216-5136;ErnestineWard.Director,DivisionofConsumerComp1.iancePo1.icy&Outreach,OiTiCCofConsu

11、merFinancia1.!jrotection.(703)518-6524;Nationa1.CreditUnionAdministration.1775DukeS1.ree1.A1.exandria.VA22314.CFPB:GeorgeKarithanom,OfficeofRegu1.ations,at(202)435-7700orhttps:/reginquiries.consumerfinance.gov/.Ifyourequirethisdocunwntinana1.ternativee1.ectronicformat,p1.easecontactCbPB_Accessibi1.i

12、ty(cfpb.gov.SUPP1.EMENTARYINFORMATION:Tab1.eofContentsI. IntnxIuctionII. DiscussionofCommen1.sonIhePR)PoSedGuidanceA. Genera1.Coinrnen1.sB. Termino1.ogy&Scopei. DescriptionoftheTerm44ROVmii. DescriptionoftheTerms44Coinparab1.eSa1.e1andifcSpecificandVerifiab1.eInformation*iii. ScopeOfTransactionsCove

13、redbytheGuidanceC. CommentsonPrescriptiveversusPrincip1.cs-BascdApproachi. SpecificSuggestionsforAddedPrcscriptivcncssii. Uniformity&StandardizationofROVProcessesiii. Mode1.Forms.Check1.ists.&Po1.iciesD. CommentsonBurdenonInstitutionsE. OtherCommentsSubmittedIII. PaPCrWorkReductionActIV. TextofFina1

14、InteragencyGuidanceonReconsiderationsofVa1.ueOfResidentiaIRea1.EstateVa1.uationsI.IntroductionTheagenciesareissuingfina1.interagencyguidance(fina1.guidance)onROVsofresidentia1.Fva1.es1.ateva1.uahons.1TheagenciesconsideredtheComnICnISreceivedonIhCproposedguidance,andasaresu1.t,madesevera1.edits(othe

15、fina1.guidance,inc1.udingc1.arifyingtheguidancesscope.Theagenciesarefina1.izingtheguidance1.arge1.yasproposed.Thisguidanceisinten1.cdtohigh1.ightrisksassociatedwithdeficientresidentia1.rea1.estaieva1.uations,describehowfinancia1.institutionsmayincorporateROVprocessesandcontro1.sintoriskmanagementfun

16、ctions,andprovideexamp1.esofROVpo1.iciesandproceduresthatinstitutionsmaychoosetoimp1.ement.Co1.1.atera1.va1.uations,inc1.udingappraisa1.s?arcimportanttotheintegrityoftheresidentia1.rea1.estate1.endingprocess.Deficientco1.1.atera1.va1.uationscancontaininaccuraciesdueio,Thisfina1.WUidiI1.KCisMipcrviwr

17、yguidancethatdxniMhaveIhcIorxreandCffCC1.of1.awrregu1.ationanddoesnoimposeanywwrequnvnentonsupervisedmstiu(iou.Se*;12CFRxa11791.subpatD,appendixA(NCUA).Appraisa1.means,awrittenstatementindependent1.yandimpartia1.1.ypreparedbyuqua1.ifiedappraiserme1.tingforthanopinionastothemarketva1.ueofanadequtc1.y

18、deur11bc1.propertyasofaspecificdatc(三),supo11cdbythepresentationandana1.ysisofrc1.cvanmarketinformation.,12CFR34.42(Board):12CFR722.2(NCUA).errors,omissions,ordiscriminationForH?purposesofIh)Siguidate.*discnnin3tio,isprohibiteddiscnniinaiionbaedonprotectedc1.ate(e11s1.icsintheresukn(a1.popertyva1.ua

19、tionprocess.ForthesePu1.PIm孔va1.uation*inc1.udesiipp11i%ak.eva1.uations,ando1.bermeansIodeterminetheva1.uenfrcskien1.ia1.propertythataffecttheva1.ueconc1.usionandcanresu1.tineitheroverva1.uingorunderva1.uingrea1.estateco1.1.atera1.HieBoard.FDICNCUA.andOCChaveprevious1.yissuedguidancethatdescribesact

20、ionsafinancia1.institutionmaytake1.ocorrectdeficienciesidentifiedinco1.1.atera1.va1.uations.1SccIntcnigencyAppraiMiIa1.Eva1.uationGuide1.ines,75FR77450(1.ccembcr1().2010).Theseactionsinc1.udeorderingasecondappraisa1.oreva1.uationorreso1.vingthedeficiencythroughtheorigina1.叩PraiSerOrprepareroftheeva1

21、uation.ThcNCUAusesthetermSWriNCnCsiinUKCofmarketVidUCinp1.aceoftheterm,cvahationwSee12CrR722.3.IViortotheeffortstoadopt(hisjointguidance,theagencieshadnot.co1.1.ective1.y,issuedguidateSPeCinC1.oROVprocesses.TheagencieshadreceivedquestionsandcommentsfromI1.nancia1.ins1.i1.utionsandO1.hCrir1.ustrysta

22、keho1.dersonROVs.Stakeho1.dershigh1.ightedtheuncertain1.yintheindustryonhowROVsintersectwithappraisa1.independencerccuircmcntsandcomp1.iancewithFedera1.consumerprotection1.aws,inc1.udingthosere1.ated1.onondiscrimination.Assuch,thena1.guidanceaddressessomeofthequestionsraisedbystakeho1.ders.ForPUrPOS

23、eSofthefina1.guidance,anROVisarequestfromthet1.nancia1.institutiontotheappraiserorotherprepareroftheva1.uationreporttoreassessthereportbaseduponpotentia1.deficienciesorotherintb11naiionthatmayaffectheva1.ueconc1.usion.,ROVsmayarisefromaconsumerrequestingafinancia1.inMitutin(nrvcxamincavuhiaticin.I1.

24、DiscussionofCommentsontheProposedGuidanceOnJu1.y21,2023,theagenciespub1.ishedforconnen1.proposedguidanceonROVsofresidentia1.rea1.es(ateva1.uaiions(proposa1.).1ProposedJntcragcncyGuidanceonReconsiderationsofVa1.ueofResidentia1.Rcu1.EstateVa1.uations.88FR47071(Ju1.y21.2023).The60-daycommentperiodended

25、onSeptember19.2023.Theagenciesinvitedcommentona1.1.aspectsoftheproposedguidancefroma1.1.interestedparties.Inparticu1.ar,theagenciesrequestedcommentonthefo1.1.owing:I)towhatextenttheproposedguidancedescribessuitab1.econsiderationsforafinancia1.institutiontotakeintoaccountinassessingandpotentia1.1.ymo

26、difyingitsCUITemROVPOIiCiCSandprocedures;2)suggestionsforROVm1.c1.formsor11xic1.po1.iciesandPr(KXdure$,ifany,Iha1.wou1.dbehe1.pfu1.fortheagenciestorecommend;3)suggestionsforotherguidancethatmaybehe1.pfu1.Iofinancia1.institutionsconcerningthedeve1.opmentofROVprocesses:and4)towhatextent,ifany.(hepropo

27、sedROVguidanceconf1.ictswith,dup1.icates,orcomp1.ementstheexistingInteragency/Xppraisa1.andEva1.uationGuide1.ines(Guide1.ines)orafinancia1.institutionspo1.iciesandprocedurestoimp1.ementthoseGuide1.ines.Theagenciesco1.1.ective1.yreceivedmorethan45uniquecommentIe1.tersfrombankingorganizations,rea1.est

28、atecompanies,tradeassociations,nonprofits,TheAppraisa1.Foundation(TAF)?anau1.ornatedva1.uationn1.e1.(AVM)deve1.oper,1.oanofficers,appraisers,andotherindividua1.s.A.Genera1.CommentsIngenera1.,manycommenterssupportedtheagenciesTAFisanot-for-profitcorporationunderthe1.awsofI1.1.inois,whichsetsappraisa1

29、standardsandappraiserqu1.ificationsinconnectionwithfedera1.1.yre1.ated(ranstions.See12U.S.C.3331e1.seq.ax1.hnpappraiuifondathn.orimis.Ascontemp1.atedbytit1.eX1.fthcFinancia1.InstitutionsReform,Recover)andEnforcementActof1989(FIRREA).(beBoard,FDIC,NCUA,andtheOCChavepromu1.gatedregu1.ationsrequiringt

30、hatrea1.CMatCappraisa1.sbeperformedinaccordancewithgenera1.1.yacceptedappraisa1.standardsasevidencedbytheappraisa1.standardspromu1.gatedbyIheAPPraiSidStandardsBoardofTAF.Sec12U.S.C.3339:12CFRPan225(Board);12CFRpart323(FDIC);12CFRpart722(NCUA);12CFRpart4(0CC).issuanceOfintcnigcncyguidancespecifictoRO

31、Vprocesses.Someofthesecommentersagreedwiththeproposa1.*sibcusontheimportanceOfcredib1.eco1.1.atera1.va1.uations,comp1.iancewithnondiscrimina1.ion1.aws,andsafeguardingappraiserindependence.OtherComiiieniersaser1.cx1.thatadditiona1.c1.arityintheguidanceisnecessaryandprovidedrecommendations.Afewcomment

32、ers,inc1.udingcertaincreditunions,tradeassociations,andappraisers,opposedtheguidanceoraspcx1.sotheguidanceonthegroundsIha1.i1.wou1.dbeover1.yburdensomeforinstitutionsorp1.aceunduepressureonappraiserswhichcou1.d1.eadtooverva1.uation.CommcntcrsexpressedmixedviewsonwhetherROVprocessesshou1.dbeuni11)11n

33、acrossa1.1.institutions.Somecommentersrecommendedaddingmoreprescriptivee1.ementstotheguidance,whi1.eothersasserted(hattheguidanceshou1.dbebroadandf1.exib1.e,asproposed.SomeCoinmen1.ersbe1.ievedIha1.manyo1.(heproposa1.spo1.iciesandProCedUreSshou1.dbemandatory.InresponseIocommentsreceived,theagenciesm

34、adeseve111.c1.arifyingCX1.i1.StotheI1.na1.guidance,inc1.udingc1.ear1.ysta1.ingthescopeoItransactionscoveredbytheguidance.TheagenciesunderscorethatSUPCrViSGryguidancedocsnothavetheforceandeffectof1.aworregu1.ationanddoesnotimposeanynewrequirementsonsupervisedinstitutions.SeeauthoritiescitedsupranoteI

35、Theguidanceisintendxitoprovideaf1.exib1.e.risk-basedapproach(oROVPrOCeSseSthatinstiiutionscana1.justtotheiruniqueprofi1.e.Thejustificationforandbenc1.softheagencies,approach,andtheagenciesconsiderationOfspecificcomments,arediscussedIurtherbe1.ow.H.Termino1.ogy&ScopeCominentersofferedviewsoncertaint

36、ermsusedinheproposa1.,inc1.udingthecennsROV,comparab1.eSaIejand“specificandverifiab1.einfomIiHiOnCommcntcrsa1.soexpressedviewsonthescopeoftransactionscoveredbytheguidance.i.DescriptionoftheTenn,ROVt1.Onecommenterrequestedthattheagenciesrevisethedefinitionof,ROV*toremovethe1.anguagethatmayaffecttheva

37、1.ueconc1.usion/1.Theproposa1.describedthetermSRoV”asa,*rcqucs1.fromthefinancia1.institutionto(heappraiserorotherpreparerofthevu1.uationreporttoreassessthereportbaseduponpotentia1.deficienciesorothcrinformtionthatmayaffecttheva1.ueconc1.usion.,88FR47071.47073(Ju1.y21.2023).hiscommenterexpressedconce

38、rnthatinc1.uding(his1.anguagecou1.dresu1.tina1.enderexertingpressureonanappraisertochangeava1.uethatdoesnotsatisfythe1.ender.Anothercommenterassertedthattheproposa1.suseof(heterm,wROVmmightbetoo1.imitingasitfocuseson“va1.ue”andsuggestedthebroadertc11nfcfcAppraisa1.ReconsiderationMinstead.Acommenters

39、uggestedthatthedefinitionofROVbeamendedtoprovidethatanagentoftheinstitution,suchasanappraisa1.managementcompany(AMC).cou1.dinitiateanROVrequest.A1.ternativedescriptionssuggestedbycommenterscou1.dresu1.tinover1.ybroadornarrowdescriptionsandwou1.dnotcapturetheappropriatetypesofrequests.Therefore,theag

40、enciesbe1.ievethedescriptionofthetcm,ROVmintheproposedguidancecapturestheintendedscopeandthefina1.guidancedoesnotchangethatdescription.heagenciesdec1.inetoincorporatethetermtkAppraisaIReconsiderationintothefina1.guidance,asitimp1.ies(hatappraisa1.sarctheso1.etypeofva1.uationsubjecttoROVs.i1.Descript

41、ionoftheTermsttConyMrah1.eSa1.e91andSpecificandVerifiab1.eInformation”Onecommenterrequestedthattheagenciesc1.ear1.ydefinethetermfckComparabIcsa1.einthecontextofIhecontentofanROVrequest,whichmayinc1.udecomparab1.epropertiesnotprevious1.yidentified.Acommenterrecommendedthattheagenciesc1.arif)thete11n“

42、specificandverifiab1.einib11ationinconnectionwithaconsumerprovidingspecificandverifiab1.einformationthatmaynothavebeenavai1.ab1.eorconsideredwhentheinitia1.va1.uationandreviewwereperformed.ThesamecommenterrequestedIha1.theagenciesProVidCc1.earexamp1.esOf1.XNhva1.idandinva1.iddatainthecontextofconsum

43、er-providedspecificandveriab1.einformation/Theagenciesconsideredthecommentsregarding“compatib1.esa1.e、andspecificandverifiab1.einformation/Undertheprovisionsoftit1.eXIoftheFIRREA.theAppniisa1.StamiardsBoard(ASB)ofTAFSe屿appraisa1.standardsinconnectionwithfedera1.1.yre1.atedtransactions,whichitdocsthr

44、ough(hedeve1.opmentandpub1.icationoftheUniformStandardsOfProfessiona1.Appraisa1.Practice(USPP).rWhatconstitutesa4tComparabIesa1.e*and“specificandverifiab1.einfo11na1.ion*fa1.1.withinthepurviewoftheASBandUSPAP.herefore.theagenciesdec1.inetoprovidedefinitionsorexamp1.esre1.atedtothosetermsintheHna1.gu

45、idance.Hi.ScopeofTrafisactiofViCoveredbytheFina1.GuidanceSomecommentersquestionedthescopeoftheiconresidentia1.rea1.estate,inconnectionwiththetypesoIransaciionsIha1.theguidancecovers.Onecommenter,Theagenciesnote(hatthefina1.guidance,1.iketheproposedguidance,rcfcrccscomparab1.epropertiesandcomparab1.e

46、propertiesnotprevious1.yidentified.*insteadofcomparab1.esa1.es.n1.2See12U.S.C.3331eeq.assertedthat,residentia1.rea1.estate,1.ike1.yencompassedsing1.e-unitdwe1.1.ings1.ikestanda1.onehomes,condos,co-ops.andtownhouses.AnOtherconunenterstatedthattheirinterpretationoftheproposa1.sscopewasthatitinc1.uded1

47、oansforpropertiesthatborrowersp1.anto1.iveinastheirprimarj,residence.Comnwntersmadespecificsuggestionsregardingthetypeof1.oanstheguidanceshou1.dcover.Inparticu1.ar,acommentersuggestedthattheguidanceshou1.don1.yextendto1.oansSeCUredbyasing1.eI-1.o-4fami1.yresidentia1.property,exc1.udingmu1.ti-fami1.

48、ydwe1.1.ings.Anothercomtnenterrecommendedthat1.oanstosma1.1.businesses,CorPOra1.iOnS,partnership、andtrustsshou1.dbecoveredbytheguidance,becauseIheEqua1.CreditOpportunityAct(ECOA)app1.iestoanyextensionofcredittothoseentities.Fina1.1.y,acommenterassertedthattheguidanceshou1.dcovera1.1.typesofrea1.estate-re1.atedcredit,inc1.udingmu1.ti-mercia1.Theagenciesconsideredthecomm