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Contracts

Reconsideration of Value

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HUD rescinds appraisal review policies

Housing Wire

MARCH 20, 2025

Policies related to appraisal appeals, or reconsiderations of value (ROV), were rescinded Wednesday by the Federal Housing Administration (FHA). Additionally, homes in Black communities are undervalued by an estimated 21% to 23%, translating to $162 billion in lost equity for Black homeowners.

Appraisal Reconsideration of Value Real Estate Legal

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Free Webinar: Components of AMC Training by Josh Walitt

Appraisal Buzz

JUNE 7, 2021

Additionally, client contracts often require that appraisal management companies ensure staff receive proper training on various topics. Buzz : How should AMCs handle a reconsideration of value (ROV)? Josh : If the AMC knows how to handle a revision request, they already know how to handle a reconsideration of value (ROV).

Training Reconsideration of Value Valuation Appraisal

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ROV (Reconsideration of Value) Changes – FHA and GSEs

Appraisal Today

MAY 10, 2024

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.

Reconsideration of Value

Reconsideration of Value Appraisal Real Estate Insurance

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The Housing Market Has Become Like the Pymatuning Spillway

Cleveland Appraisal Blog

MARCH 30, 2021

Within the past couple of weeks, I have appraised several properties for purchases, where my opinion of the market value of these homes was significantly below the contract price. When an appraiser’s opinion of value is below the contract price, that’s when the carping begins. But they didn’t.

Housing Market Marketing Reconsideration of Value Appraisal

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The appraisal gap is complicating deals across the country

Housing Wire

APRIL 6, 2021

For example, one client had a home under contract for $983,000 and the list/appraised value was just $900,000, the LO said. An LO in Texas told HousingWire that the competition is intense where he is, and buyers are “doing extraordinary things,” which has changed deal structures. It’s made deals more challenging.

Appraisal Reconsideration of Value Real Estate Agent Sellers

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A New ‘Standard’ for ROV Requests

Appraiserblogs

DECEMBER 21, 2021

Related Posts: Requests for Reconsiderations.appraisers continue to receive requests for reconsiderations on a daily basis. White Paper: Requests for Reconsiderations The paper states that…. Reconsideration of Value Requests Open invitation for spurious reconsideration requests. No thank you.

Reconsideration of Value

Reconsideration of Value Law Clients Appraisal

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The Appraiser’s Perspective: Insights and Tips for Real Estate Agents

Birmingham Appraisal

JUNE 13, 2023

Multiple offers do not guarantee that the property will appraise for the contract price Even if the seller accepts the highest offer, there is no guarantee that it will be supported by the market. If there are no comparable sales that support the contract price, this may result in a lower appraised value.

Real Estate Agent

Real Estate Agent Real Estate Agents Reconsideration of Value

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Tidewater Initiative: What VA Appraisers Need to Know

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.

Appraisal Reconsideration of Value Contracts Appraisal Process

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Challenging a mortgage appraisal

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.

Mortgage Appraisal

Mortgage Appraisal Appraisal Mortgage Reconsideration of Value

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Tidewater Initiative: What VA Appraisers Need to Know

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.

Appraisal Reconsideration of Value Contracts Appraisal Process

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Why Agents Should Share Their CMA With The Appraiser

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.

Agents

Agents Appraisal Real Estate Agent Bracketing

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Freddie Mac Appraisal Advice

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

Appraisal Valuation Reconsideration of Value Contracts

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Are Appraisers Professionals?

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

Appraisal Design Contracts Business

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Appraisers: How to Manage Your Emails

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

Appraisal Property Taxes Reconsideration of Value Contracts

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Why Appraisal Workfiles Are Important

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

Appraisal Contracts Business Construction

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Appraisal Comparable Guidelines: A Cheat Sheet for Agents

Birmingham Appraisal

MARCH 26, 2025

How Agents Can Use This Knowledge for Better Pricing Understanding how appraisers select comps helps agents create more accurate CMAs that will hopefully decrease the chances of there being significant differences between the eventual contract price and appraisal value.

Agents

Agents Appraisal Reconsideration of Value Real Estate Agent

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New Homebuyer’s Guide To Appraisals

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.

Appraisal Inspection Appraisal Process Real Estate Agent

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How to Find Comps With Few Sales

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

Appraisal Real Estate Contracts Reconsideration of Value

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Reconsideration of Value and Appraisers

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

Reconsideration of Value

Reconsideration of Value Appraisal Clients Contracts

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Opinion: The path to modernizing the appraisal process

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%.

Appraisal Process

Appraisal Process Modernization Appraisal Valuation

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Rocket Companies’ Bill Emerson on HUD lawsuit: ‘We want the correct party responsible, not us’

Housing Wire

DECEMBER 20, 2024

We ordered this appraisal from a third party, who contracted the state-licensed appraiser. We offered a reconsideration of value twice to the client. Why would we not want to help a three-time client? The appraisal came in lower than it did previously. At the end of the day, the client didnt like the appraisal.

Reconsideration of Value

Reconsideration of Value Law Appraisal Clients

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Common USPAP Appraiser Violations

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

Appraisal Contracts Mortgage Reconsideration of Value

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Getting Appraisers to Reconsider Value—Do’s & Don’ts

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.

Appraisal Reconsideration of Value Agents Market Value

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FHA Appraisal ROV Q&As

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

Appraisal Reconsideration of Value Insurance Contracts

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Types of Appraisal Values

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

Appraisal Reconsideration of Value Insurance Market Value

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Practical Tips for Working With AMCs

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.

Reconsideration of Value

Reconsideration of Value Appraisal Inspection Advertising

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Opinion: Mortgage lenders need to shore up training about the 2025 homebuyer incentives

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.

Training Mortgage Reconsideration of Value Architecture

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Appraisal WaIvers Can Be Risky

Appraisal Today

MARCH 21, 2025

Reconsideration of Value The underwriter may request a reconsideration of value when the Appraiser did not consider information that was relevant on the effective date of the appraisal. The underwriter must provide the Appraiser with all relevant data that is necessary for a reconsideration of value.

Appraisal Reconsideration of Value Mortgage Contracts

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Appraisal Sq. Ft. Appraisal vs. Assessor/Public Records

Appraisal Today

MARCH 14, 2025

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) decreased to 6.67 from 0.60 (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 6.34

Appraisal Valuation Contracts Government

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Appraisal Time Adjustments

Appraisal Today

MARCH 28, 2025

March 28, 2025 Whats in This Newsletter (In Order, Scroll Down) LIA ad: Navigating Value Revisions On Time Adjustments By Timothy Andersen, MAI 19.5 CDEI, MNAA Excerpts: Typically, this time starts when the comparable goes under contract, then ends on the effective date of the appraisal. times 42-days or $5,523. percent from 6.72

Appraisal Contracts Business Reconsideration of Value

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Rocket’s counterpunch: Calling Out HUD and the DOJ

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.

Legal

Legal Reconsideration of Value Law Valuation