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HUD rescinds appraisal review policies

Housing Wire

Policies related to appraisal appeals, or reconsiderations of value (ROV), were rescinded Wednesday by the Federal Housing Administration (FHA). These allowed mortgage borrowers to request an ROV if they believe that the appraisal was inaccurate or biased. HUD and FHA handed down new appraisal bias protections in May 2024.

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Implementation deadline for appraisal review policy pushed to Oct. 31

Housing Wire

A policy designed for lenders to review and respond to borrower-initiated reconsideration of value (ROV) requests for appraisals — originally scheduled to be implemented between Aug. 29 and Sept. 2 — has been pushed back to Oct. The extension announced by FHA and HUD aligns with extensions also announced on Tuesday by the GSEs.

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ICE unveils two new property valuation solutions

Housing Wire

Intercontinental Exchange (ICE) Mortgage Technology introduced two new tools, Validate ROV and Validate Selector, to its growing suite of property valuation solutions, the company announced on Monday. Regulators are paying close attention to valuations for many valid reasons.

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Free Webinar: Components of AMC Training by Josh Walitt

Appraisal Buzz

In 2015, I designed the Market Machine, a technological tool used by appraisers and other valuation professionals. Josh : The Annual Compliance Training is designed to meet requirements of clients and regulators. Buzz : How should AMCs handle a reconsideration of value (ROV)? Buzz : Why do AMCs need the training?

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How to Respond to a Reconsideration of Value Request

McKissock

To help you out, we’ve put together some practical information to strengthen your responses to a mortgage lender’s appraisal appeal, called a reconsideration of value (ROV). USPAP prohibits an appraiser from discussing the results of an appraisal with anyone other than the client or parties designated by the client.

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ROV (Reconsideration of Value) Changes – FHA and GSEs

Appraisal Today

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.

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Veros Launches iVALUATION, an Interactive Tool That Validates Property Valuations

Appraisal Buzz

iVALUATION is designed for the needs of mortgage originators, home equity lenders, appraisal reviewers, investors, and a wide array of other housing finance professionals and is particularly helpful for navigating the complexities of Reconsideration of Value (ROV) claims processes.

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