Portland Appraisal Blog

APRIL 14, 2019

There has been a meeting of the minds, the contract has been signed and everyone is anticipating a smooth closing. 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.

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Appraisal Reconsideration of Value Agents Market Value 78

McKissock

JANUARY 8, 2021

The VA has a unique set of protocols, known as the Tidewater Initiative, that a VA appraiser must follow when he or she expects the appraised value of a property is going to be lower than its contract price. 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

Annarbor Appraisal

SEPTEMBER 6, 2020

When a sale is involved, the valuation may be lower than contracted price. Lenders offer a formal “Reconsideration of Value” (ROV) process. Sometimes there are sales that were showing as under contract as of the effective date of the appraisal that had closed. Sometimes errors occur since humans are human.

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Mortgage Appraisal Appraisal Mortgage Reconsideration of Value 78

McKissock

JANUARY 8, 2021

The VA has a unique set of protocols, known as the Tidewater Initiative, that a VA appraiser must follow when he or she expects the appraised value of a property is going to be lower than its contract price. 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

Birmingham Appraisal

FEBRUARY 20, 2024

It’s important to understand that collaboration does not mean that both parties must work together so that the deal closes at the contract price no matter what. The appraiser must make sure that they are providing an impartial valuation so that the market value shown in the appraisal is as accurate as possible.

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Appraisal Today

AUGUST 9, 2024

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.55 from 0.62 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.49

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Appraisal Today

OCTOBER 18, 2024

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 6.52 from 0.62 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 6.42

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Appraisal Reconsideration of Value Insurance Contracts 63

Appraisal Today

APRIL 7, 2023

Comps??? == Reconsiderations of Value and What to Do About Them By Danielle Lopez This reconsideration of value has already set me back 30 minutes. The review and analysis of the lender-selected sales are completely irrelevant to the report and opinion of value. percent from 6.45 percent from 6.27 percent from 5.84

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Appraisal Today

NOVEMBER 4, 2022

Reconsideration of value and Appraisers. Mortgage Borrowers Can Challenge Inaccurate Appraisals Through the Reconsideration of Value Process. This process is often referred to as a “reconsideration of value” or “ROV.” from0.88 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.

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Appraisal Today

JULY 26, 2024

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.82 from 0.57 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.71

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Appraisal Valuation Reconsideration of Value Contracts 81

Birmingham Appraisal

SEPTEMBER 15, 2022

What If The Appraisal Is Less Than The Contract? There is always the possibility that the appraisal value is less than the contract price. If this is the case most banks and mortgage companies have a formal reconsideration of value process.

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Appraisal Today

APRIL 5, 2024

More significantly, loanDepot.com agreed to an extensive revamping of: (a) its reconsideration of value practices; (b) fair housing/non-discrimination training requirements; (c) statistical tracking of appraisal outcomes; and (d) training and contractual requirements for AMCs and appraisers. percent from 6.93 percent from 7.14

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Appraisal Contracts Business Construction 77

Appraisal Today

JULY 12, 2024

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 7.00 from 0.62 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.87

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Appraisal Today

FEBRUARY 23, 2024

This will save time, especially when consumers request a Reconsideration of Value. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 7.06 from 0.65 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. percent from 6.87

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Appraisal Real Estate Contracts Reconsideration of Value 68

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?” The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5.94

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Housing Wire

NOVEMBER 30, 2021

of the properties in Black neighborhoods receive appraisal values lower than the contract price versus 7.4% Reconsideration of Value (ROV) process. Consider that, per recent research by Freddie Mac , 12.5% for those in white neighborhoods, resulting in a gap of 5.2%.

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Appraisal Process Modernization Appraisal Valuation 432

Appraisal Today

MAY 24, 2024

Finally, the vendor’s use of the photos is limited by contract, with stiff penalties for violation. I’m always looking for something new = ROV, Part 2 By George Dell, SRA, MAI, ASA, CRE Excerpts: ROV (Reconsideration of Value) is now in the boat. The average contract interest rate for 5/1 ARMs decreased to 6.48

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Appraisal Contracts Mortgage Reconsideration of Value 81

Housing Wire

OCTOBER 24, 2024

Handling a below-contract appraisal and request for reconsideration of value (ROV). Understanding exemptions to first-generation eligibility rules, such as heir’s property, undeveloped land, mobile homes, etc. Anticipating issues regarding rate lock and/or mortgage contingency expirations.

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Training Mortgage Reconsideration of Value Architecture 365

Housing Wire

DECEMBER 23, 2024

But as lenders no longer hire appraisers directly, and instead contract with Appraisal Management Companies (AMCs) in this case, Solidifi to then go and locate an accredited appraiser, there is no legal justification for including Rocket in the suit.

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