National Association of Realtors

SEPTEMBER 22, 2023

NAR joined a coalition letter urging regulators to consider benefits of certain aspects of the Veteran Affairs' (VA) Tidewater process for reconsiderations of value (ROVs).

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Housing Wire

JANUARY 18, 2023

Both types of initiatives are important, but no one seems to be talking about how we can get more production out of our current set of appraisers. The quickest way to ensure a faster appraisal process is going to be to learn how to work with valuation providers as partners in the process rather than the way most appraisers feel, adversaries.

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Riverfront Appraisals

JULY 29, 2021

This entire year, I’ve been blogging once a month with the purpose of assisting loan officers to better understand the appraisal process. So far, we’ve covered communication with the appraiser, reconsiderations of value, FHA appraisals and a few other topics you should definitely go check out.

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Housing Wire

MARCH 23, 2023

Thursday, March 23 marks the one-year anniversary since the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) released its action plan to curb instances of bias in the housing appraisal process. Led by U.S.

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Birmingham Appraisal

JUNE 13, 2023

Appraisal Tips For Real Estate Agents As a real estate appraiser with over 30 years of experience, I have seen many changes and challenges in the appraisal profession and the real estate market. I believe that appraisers and agents have a common goal: to help their clients buy or sell a home.

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Real Estate Agent Real Estate Agents Reconsideration of Value 86

Riverfront Appraisals

JUNE 13, 2021

This post is part six of a 12-part series we’re calling The Loan Officer’s Guide to Appraisals. So far in our series, we’ve looked at final inspections, lending on unique homes, communication with the appraiser, reconsiderations of value and bracketing. […]. appeared first on Riverfront Appraisals.

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Reconsideration of Value Final Inspection Appraisal Bracketing 80

Riverfront Appraisals

APRIL 30, 2021

This post is part five of a 12-part series we’re calling The Loan Officer’s Guide to Appraisals. So far in our series, we’ve looked at final inspections, lending on unique homes, communication with the appraiser, and reconsiderations of value. appeared first on Riverfront Appraisals. So if this is […].

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Bracketing Reconsideration of Value Final Inspection Appraisal 78

Housing Wire

NOVEMBER 30, 2021

Regardless of the size or complexity of a system or process, it is time to look at whether the impact it has on people is equitable. And the appraisal process is no exception. of the properties in Black neighborhoods receive appraisal values lower than the contract price versus 7.4% All people.

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Housing Wire

APRIL 6, 2021

Most AMCs offer a process called a Reconsideration of Value Request, or ROV, that when properly presented, encourages the appraiser to review the work based on additional appropriate data submitted,” Johnson told HousingWire in August.

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McKissock

DECEMBER 28, 2021

Traut notes that the Federal Housing Finance Agency (FHFA) announced in late October 2021 at the Mortgage Banker Association’s annual conference that banks and mortgage lenders will be able to use desktop appraisals in place of traditional appraisals for qualifying Fannie Mae or Freddie Mac backed mortgages. Paul, Minn.).

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Appraisal Reconsideration of Value Real Estate Property Appraisal 96

Appraisal Today

SEPTEMBER 9, 2022

Excerpts: Suggested protocols for responding to Reconsideration of Value requests. Click here to listen to Tim Andersen, MAI’s podcast, “Reconsiderations of Value: Satan’s Own Seed, Right?” My comments : ROVs are a PITA for many appraisers. Appraiser and Publisher Appraisal Today. 1826 Clement Ave.

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Housing Wire

MAY 1, 2024

Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) announced a new policy on Wednesday that will enable mortgage borrowers to “request a re-assessment of the appraised value of their property if they believe that the appraisal was inaccurate or biased,” according to an announcement from HUD.

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McKissock

JANUARY 8, 2021

Tidewater gives the lender (or another party to the transaction) the opportunity to provide relevant data to the appraiser to support the sale price before the appraisal report is submitted to the VA. This initiative has significantly reduced the number of formal Reconsideration of Value (ROV) requests received by the VA.

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Appraisal Reconsideration of Value Contracts Appraisal Process 59

McKissock

JANUARY 8, 2021

Tidewater gives the lender (or another party to the transaction) the opportunity to provide relevant data to the appraiser to support the sale price before the appraisal report is submitted to the VA. This initiative has significantly reduced the number of formal Reconsideration of Value (ROV) requests received by the VA.

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Appraisal Reconsideration of Value Contracts Appraisal Process 52

Housing Wire

JANUARY 3, 2023

When it comes to offering an opinion of ‘good or bad’ on HR 7735 — the VA modernization bill — and its ultimate ability to create a better appraisal process for veteran and active duty borrowers, it’s simply too early to tell with too little information being shared on exactly what changes we should expect. A fundamental change.

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Appraisal Buzz

FEBRUARY 7, 2022

The lender/appraiser ecosystem over time has adapted processes and technologies to achieve appraisal development and reporting that meets regulatory, agency, and investor requirements, as well as meeting the needs of individualized lender risk appetites. Appraisers rely on standards of practice and processes.

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Birmingham Appraisal

FEBRUARY 20, 2024

Benefits of Sharing the CMA with the Appraiser During the appraisal process, the appraiser will conduct their own market research to locate the most recent and similar comparables to the property they are appraising. This can lead to a more thorough and accurate appraisal which aids in the home selling process.

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Agents Appraisal Real Estate Agent Bracketing 94

Birmingham Appraisal

SEPTEMBER 15, 2022

As you can see, there are major differences between home appraisals and home inspections and both are very important. There are numerous steps in the appraisal process and it’s important to know each step involved. Steps in the Appraisal Process. What If The Appraisal Is Less Than The Contract?

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Housing Wire

JANUARY 12, 2023

Since June 2021, Fudge has led an interagency task force created by the Biden administration to combat inequality in appraisals. The group created an action plan representing a wide-ranging set of equity reforms to the home appraisal process.

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Appraisal Today

APRIL 7, 2023

Communicating quickly with the lender is an issue with the appraisal process. Comps??? == Reconsiderations of Value and What to Do About Them By Danielle Lopez This reconsideration of value has already set me back 30 minutes. In addition, the appraiser should be compensated for his/her time.

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Housing Wire

MARCH 9, 2021

The finance giant will also begin training home lending advisors and client care specialists in the reconsideration of value process and fair lending issues related to appraisals. ” Though the bank did not admit to any wrongdoing or any appraisal bias, it moved quickly to update its policies on valuations.

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Housing Wire

JUNE 2, 2023

The Biden administration also announced that it would expand the ability for homeowners to pursue reconsiderations of value (ROVs), saying that federal banking agencies “are in the process of issuing proposed guidance on how financial institutions may integrate ROV policies and controls into their current appraisal processes,” the White House said.

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Housing Wire

MARCH 24, 2022

Most complaints of undervaluation currently occur through the reconsideration of value process with lenders. There is no centralized national repository for complaints of appraisal bias, although the Consumer Financial Protection Bureau has received a handful in recent years.

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