Dates of Event & Pricing

$295 for Webinar and Playback*

*Playback has no expiration.

  • Thursday, November 14, 2024

  • 2:30 – 4:30 pm (Eastern Time)

  • 1:30 – 3:30 pm (Central Time)

  • 12:30 – 2:30 pm (Mountain Time)

  • 11:30 – 1:30 pm (Pacific Time)

Curriculum

The recent regulatory developments in real estate evaluations and AVMs reflect a concerted effort to enhance the accuracy, fairness,   and transparency of property valuations. These changes are expected to benefit both consumers and financial institutions by promoting a more reliable and equitable mortgage lending process.

Real estate evaluations are a critical component of the mortgage lending process, providing an estimate of a property's market value. These evaluations are essential for lenders to determine the amount of credit they can extend to borrowers. Recently, there have been significant developments in the regulatory landscape surrounding real estate evaluations, particularly with the introduction of new rules  on Automated Valuation Models (AVMs) and the Consumer Financial Protection Bureau's (CFPB) perspective on these evaluations.

Automated Valuation Models (AVMs) are computer algorithms that provide property valuations based on data inputs such as recent  sales, property characteristics, and market trends. The new rules, adopted by the joint agencies including the CFPB, aim to implement quality control standards for AVMs. These standards are designed to ensure a high level of confidence in the estimates produced by AVMs, protect against data manipulation, avoid conflicts of interest, and ensure compliance with nondiscrimination laws. Institutions using AVMs in certain credit decisions or securitization determinations must adopt policies, practices, procedures, and control systems  to adhere to these quality control standards. 

This session will brief you on all the latest information you need to make sure that your real estate valuation, appraisal and AVM programs are in compliance.

Specific Areas Covered:

  • We will discuss the QC standards for the AVMs as well as the renewed expectations for prevention of discriminatory practices related to appraisals.
  • We will review what additional specific expectations the banking regulators now have, and not just the CFPB.
  • We will also address the background on why this topic continues to be so “hot”.
  • We will review steps to update your policies and procedures-what changes will you need to make to ensure that you have the most up to date info for your appraisal program.


The top 3 things you need to do to bring your residential real estate appraisal/AVM program up to date:

  1. How to incorporate the new expectations from the Final rule on AVMS into your lending functions
  2. Address which groups in the bank will need the awareness and training on these topics;
  3. What areas in your bank need to be reviewed to ensure that your policies and procedures will be compliant with the new expectations.

Instructor

Compliance Director - Sovereign Bank (OK) Maureen Carollo

Maureen E. Carollo is SVP, Director of Compliance for Sovereign Bank in Oklahoma City, a $1.2 billion community bank. She was most recently Chief Compliance & Chief Risk Officer, SVP, for Old Glory Bank and has over 35 years of experience in the deposit operations, loan administration, compliance management, internal audit and BSA/AML/CFT management areas and holds the Certified Regulatory Compliance Manager (CRCM) designation and the Certified Anti-Money Laundering Specialist (CAMS) certification. She is a graduate of the Southwestern Graduate School of Banking at SMU in Dallas, Texas, and graduated with recognition for leadership. She serves on the “ABA Bank Compliance” magazine Editorial Advisory Board, where she has had multiple articles and columns published. She has also received an APEX Award for “Excellence in Publishing.” She has been a regular speaker for the ABA Regulatory Compliance Conference, where she serves on the Advisory Board and was awarded the 2021 “Distinguished Service Award” for Compliance. She has also regularly spoken at events for Marquis Centrax, CbanC and Bankers Online. She is also active in the Oklahoma Bankers Association, where she has been past Chairman of the Compliance School Board of Regents and has served on the Board for over 20 years. She is also a frequent speaker for the OBA’s Compliance School and past speaker for their Operations School, Consumer Lending School, and Intermediate Banking School.