Secondary market issuer
(vii) Secondary market issuer means any party that creates, structures, or organizes a mortgage-backed securities transaction. (3) Quality control standards. Mortgage originators and secondary market issuers that engage in credit decisions or covered securitization determinations themselves, or through or in cooperation with a third-party or affiliate, must adopt and maintain policies, practices, procedures, and control systems to ensure that automated valuation models used in these transactions adhere to quality control standards designed to: (i) Ensure a high level of confidence in the estimates produced; (ii) Protect against the manipulation of data; (iii) Seek to avoid conflicts of interest; (iv) Require random sample testing and reviews; and (v) Comply with applicable nondiscrimination laws.