New Mexico § 47-14-15.1 Automated valuation models used to estimate collateral

New Mexico Statutes

§ 47-14-15.1 — Automated valuation models used to estimate collateral

New Mexico § 47-14-15.1

Ch. 47Property Law

Art. 14Appraisal Management Company Registration

This text of New Mexico § 47-14-15.1 (Automated valuation models used to estimate collateral) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 47-14-15.1 (2026).

Text

value for mortgage lending purposes. A. Automated valuation models shall adhere to quality control standards designed to:

(1)ensure a high level of confidence in the estimates produced by automated valuation models;

(2)protect against the manipulation of data;

(3)seek to avoid conflicts of interest;

(4)require random sample testing and reviews; and (5) account for any other such factor that the board determines to be appropriate. B. The board, in consultation with the staff of the appraisal subcommittee and the appraisal standards board of the appraisal foundation, shall promulgate rules to implement the quality control standards required under this section.

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value for mortgage lending purposes. A. Automated valuation models shall adhere to quality control standards designed to: (1) ensure a high level of confidence in the estimates produced by automated valuation models; (2) protect against the manipulation of data; (3) seek to avoid conflicts of interest; (4) require random sample testing and reviews; and (5) account for any other such factor that the board determines to be appropriate. B. The board, in consultation with the staff of the appraisal subcommittee and the appraisal standards board of the appraisal foundation, shall promulgate rules to implement the quality control standards required under this section.