HJRES 50 · in committee · significant
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the National Credit Union Administration relating to "Quality Control Standards for Automated Valuation Models".
- housing
What this bill does
- This resolution cancels a federal rule requiring quality control standards for automated valuation models used in mortgage lending.
- Mortgage lenders, banks, and the agencies overseeing them are affected by this change.
- The resolution takes effect immediately upon passage and reverses standards that were finalized in August 2024.
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Community Threads
Started by Cosponsor
- 01
What concerns might arise if lenders can use automated valuation models for mortgages without federal quality control standards?
- 02
How could removing these standards affect borrowers' ability to challenge inaccurate property valuations in their mortgage applications?
- 03
What evidence supports the argument that quality control standards for automated valuation models create unnecessary costs for lenders?
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Sponsor · R-GA-9
Andrew S. Clyde
Citizen cosponsors
0
In Congress
0/ 435
House Reps cosponsoring
Introduced 2025-02-12
Legislative timeline
2025-02-12 · house · IntroReferral
Referred to the House Committee on Financial Services.
2025-02-12 · IntroReferral
Introduced in House
2025-02-12 · IntroReferral
Introduced in House
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