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ROV (Reconsideration of Value) Changes – FHA and GSEs GSE Effective date is August 29, 2024 HUD Effective date is September 2, 2024 Editor’s note: This long section includes, In order: McKissock/Dave Bradley post with a good summary including links to HUD and GSE documents. For appraisers, Section II.D.2.
Usually this is done via a document known as a “reconsideration of value” (ROV for short). What is a Reconsideration of Value? In short, a reconsideration of value is another appraisal. If any of the above points are all valid for your deal it could result in a different value conclusion.
They really appreciate it, and it ensures you can complete assignments on time as you had planned (no one likes waiting for a legal description only to have it show up on your day of 4 inspections!). Reconsideration of value and Appraisers. It’s truly a win-win.”. Stay in communication. We all like free Liability advice!
I have always been a professional appraiser since I started in 1975, trained at an assessor’s office to do what is in this article. ADUs represent a growing segment of the housing market, and your expertise as an appraiser is crucial in reflecting their true value. After graduation, I worked in labs for 7 years.
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?” Get the relevant date of value from the client or client’s attorney. Read this article!!! Excerpts: 2.
Yes, we’re talking about reconsideration of value (ROVs) and revision requests. Be Thorough and Clear in Your Response If there’s anything you take away from this article, let it be this: Communicate clearly. They may flag an initial report to ensure compliance with specific legal or regulatory requirements.
Yes, we’re talking about reconsideration of value (ROVs) and revision requests. Be Thorough and Clear in Your Response If there’s anything you take away from this article, let it be this: Communicate clearly. They may flag an initial report to ensure compliance with specific legal or regulatory requirements.
The first article I have seen showing why appraisal waivers can be bad for borrowers. This article shows you how much they vary over time. To read the full article, plus graphs and 2+ years of previous issues, subscribe to the paid Appraisal Today at www.appraisaltoday.com/order. Lenders Benefit More Than You Do.
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