{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Credit Union Regulatory Guidance Including: NCUA, CFPB, FDIC, OCC, FFIEC","title":"Final Interagency Guidance on Reconsideration of Value (ROV) for Residential Real Estate Valuations","html":"","width":"100%","height":180,"duration":406,"description":" Hello, this is Samantha Shares. This episode is a high level summary of the final interagency guidance on reconsiderations of value (R O V) for residential real estate valuations  This podcast is educational and is not legal advice.  We are sponsored by Credit Union Exam Solutions Incorporated, whose team has over two hundred and Forty years of National Credit Union  Administration experience.  We assist our clients with N C U A so they save time and money.  If you are worried about a recent, upcoming or in process N C U A examination, reach out to learn how they can assist at Mark Treichel DOT COM.  Also check out our other podcast called With Flying Colors where we provide tips on how to achieve success with N C U A. And now the summary.1. Purpose and Scope:   - The guidance is issued by the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency.   - It aims to highlight risks associated with deficient residential real estate valuations and describe how credit unions can incorporate R O V processes into their risk management functions.   - The scope is limited to real estate-related financial transactions secured by single 1-4 family residential properties. 2. Background and Importance:   - Credible collateral valuations, including appraisals, are essential to the integrity of residential real estate lending.   - Deficient valuations can result from prohibited discrimination, errors, omissions, or inappropriate valuation methods.   - Such deficiencies can prevent individuals and families from building wealth through homeownership and pose risks to credit unions.  3. Regulatory Context:   - The guidance references several relevant laws and regulations, including:     - Equal Credit Opportunity Act (ECOA) and Regulation B     - Fair Housing Act (FH Act)     - Truth in Lending Act (TILA) and Regulation Z     -...","thumbnail_url":"https://img.transistorcdn.com/DblKo84_Ha6-XOQnfj5k1wmxCkQHeB53BeeKc2eI7dM/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzQ4MTk5LzE3MDM4/NTQxOTktYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}