Appraisal Buzz

MAY 6, 2024

Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), and government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are now allowing home appraisals to get a second look when bias is suspected in the appraisal process.

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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.

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Housing Wire

MARCH 23, 2023

Department of Housing and Urban Development (HUD) Secretary Marcia Fudge and White House Domestic Policy Advisor Ambassador Susan Rice, the PAVE task force revealed its action plan one year ago and claims that its efforts have amounted to “critical progress” in its efforts to make the homebuying process more equitable for people of color.

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Housing Wire

JULY 1, 2024

These entities have implemented measures allowing homeowners to request reconsideration of appraisals, aiming to ensure fairness and accuracy. Moreover, tools like Fannie Mae’s Collateral Underwriter® (CU®) have been introduced to enhance the scrutiny of appraisal data.

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Housing Wire

JANUARY 24, 2022

The report also called on the government-sponsored enterprises to release parts of their vast trove of appraisal data, and urged lenders, the government, the GSEs and the Appraisal Foundation to standardize the reconsideration of value process, which currently lacks “any legal structure.”. That process varies from lender to lender.

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Housing Wire

JANUARY 18, 2023

There are several ways we can do that from how we allocate orders, set fee schedules, and handle reconsiderations of values. Flexible and customizable end-to-end order management – You can customize most anything in our system, all without the need of a development team. The Jaro platform is built on three core principles.

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Housing Wire

DECEMBER 20, 2024

Department of Housing and Urban Development (HUD) and the principle of appraisal independence for lenders. We offered a reconsideration of value twice to the client. This conversation has been edited for length and clarity. We ordered this appraisal from a third party, who contracted the state-licensed appraiser.

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Appraisal Buzz

FEBRUARY 7, 2022

In turn, appraisers developed, supplemented, and maintained practices to ensure the data provided to the appraiser did not result in a misleading appraisal. Inspection relief was successful as lenders and appraisers developed appropriate processes. Lenders rely on regulation and policy.

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Cleveland Appraisal Blog

MARCH 30, 2021

When an appraiser’s opinion of value is below the contract price, that’s when the carping begins. The number of professional reconsiderations of value coming in are increasing. My advice to agents and sellers is to really analyze the properties that they are using to develop their asking price.

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Housing Wire

FEBRUARY 24, 2023

I hear these phrases quite often when it comes to product and software development, but I think they apply very well to solving complex problems like transforming the property appraisal process to work better for every stakeholder. That means development can start this year, so the industry is ready to roll out the new forms in 2024.

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Appraiserblogs

MAY 3, 2024

The implication that if the VALUE is too low, then there must be “material deficiencies” present, is deeply troubling! Up until recently, there has never been a standardized policy for mortgage loan related Reconsideration of Value (ROV) requests after an appraisal has been submitted. The GSE’s have similar policies.

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Empire Appraisal Group

MAY 9, 2024

New Requirements Aim to Reduce Appraisal Bias The new Reconsideration of Value policy requires lenders to provide a pathway for borrowers to request reviews of home appraisal valuations. The policies will take effect later this year.

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Cleveland Appraisal Blog

SEPTEMBER 10, 2022

She’s an avid personal development enthusiast and an expert in the field of health and fitness. Reconsideration of Value and Appraisers – APPRAISAL TODAY. Reconsideration of Value and Appraisers – APPRAISAL TODAY. She specializes in content marketing, social media, and SEO.

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McKissock

DECEMBER 28, 2021

Nonetheless, it would be prudent for appraisers to refresh or develop their knowledge on appraising REO properties.”. One possibility being discussed is a standardized reconsideration of value process that a property owner can utilize if they believe their house was undervalued by an appraiser. Top changes to look for in 2022.

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McKissock

FEBRUARY 13, 2023

James and Jeff will cover current VA appraisal topics including desktop appraisals, reconsiderations of value, and the ways that the VA is monitoring appraisal quality. This includes the development and enhancement of automated appraisal-scoring tools and analytic products. Sign up now. Sign up now.

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Appraisal Buzz

JULY 17, 2024

Department of Housing and Urban Development, and Freddie Mac, and we’re excited about the continued progress appraisers have made to become more objective in their reporting to eliminate unsupported assumptions and consideration of protected class.

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Birmingham Appraisal

FEBRUARY 20, 2024

The Purpose and Components of a Comparative Market Analysis (CMA) The CMA is a tool that real estate agents use to develop a list price for the house they are selling. By providing the CMA to the appraiser, the appraiser can see the agent’s thought process when developing the asking price.

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McKissock

FEBRUARY 13, 2023

James and Jeff will cover current VA appraisal topics including desktop appraisals, reconsiderations of value, and the ways that the VA is monitoring appraisal quality. Invest in your professional development with one-hour, non-credit webinars presented by experts. View Pro-Series webinars.

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Appraisal Today

AUGUST 9, 2024

While lenders are encouraged to implement the ROV policy immediately, they must do so for loans with applications dated on or after the new effective date of Oct. 31, 2024.

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Appraisal Today

JULY 26, 2024

As strategies continue to develop and evolve, we believe it’s important to engage and communicate with stakeholders, so here are three key items we believe appraisers should keep top of mind in 2024. It’s a necessary step in developing credible reports. A Reality Check Southernmost House in Continental U.S. Worth reading.

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Birmingham Appraisal

SEPTEMBER 15, 2022

Basically, an appraisal determines the value of a property, and the home inspection reports the home’s overall condition as well as that of the different systems. Appraisers develop an opinion of value for the subject property for various reasons including mortgage underwriting.

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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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Housing Wire

JANUARY 12, 2023

Department of Housing and Urban Development (HUD) has begun developing a process for borrowers seeking Federal Housing Administration (FHA) financing to request an appraisal review when they suspect racial bias. . “We 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 5, 2024

The defendant appraiser valued their home at $472,000; a second appraiser later valued it at $750,000 after the couple “whitewashed” the residence and had a white friend stand-in for them. Significant developments have occurred in the case. The second development in the case is that on March 22, 2024, the attorneys for Drs.

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Housing Wire

MARCH 9, 2021

The Department of Housing and Urban Development (HUD) has announced that JPMorgan Chase has come to an agreement with a Black homeowner who claimed the bank’s mortgage division – relying on a valuation done by an appraiser – valued her home at an amount lower than its actual worth because of her race.

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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?” What Is a Reconciled Value? Excerpts: What does the appraiser do with the three different values that may be developed?

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Appraisal Today

JULY 12, 2024

By staying honest and true to your values, others are more likely to trust and collaborate with you or recommend you and your business. Expertise Professionals strive for proficiency in their field, continually enhancing their knowledge through education, webinars and personal development efforts.

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Appraisal Today

FEBRUARY 23, 2024

The property data collection process by unlicensed and unregulated people hampers the appraiser trainee’s development and hurts the next generation of licensed and certified appraisers. This will save time, especially when consumers request a Reconsideration of Value.

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Housing Wire

NOVEMBER 30, 2021

Reconsideration of Value (ROV) process. Additionally, as directed by the Biden administration, the U.S. Our industry must support appraisal diversity initiatives, recruit more minorities into the vocation, and increase incentives and opportunities for valuation professionals.

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Housing Wire

JULY 18, 2024

(FDIC), the Federal Reserve Board , the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC) — announced on Thursday finalized guidance that is designed to address “reconsiderations of value (ROVs) for residential real estate transactions,” according to an announcement.

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Housing Wire

AUGUST 29, 2022

We sat down with Steve Sussman, NAN’s chief business development officer, to find out how the company is growing so fast and what they see for the future. We are not going to try to second-guess what the appraiser is saying, but we have a very robust system in place for reconsideration of value requests and disputes.

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Appraisal Buzz

JANUARY 17, 2025

Department of Housing and Urban Development (HUD) has made significant progress in eliminating housing discrimination, increasing rental assistance for thousands of Americans, reducing housing costs, and increasing the supply of affordable homes under the direction of Secretary Marcia L.

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Appraisal Today

MAY 24, 2024

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 new Fannie Mae Selling Guide section discusses the process to changes to the appraiser opinion of value. Is it safe? It may be good to start where any good study starts.

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Housing Wire

JUNE 2, 2023

Today, I’m proud to announce we are developing a rule that will require that financial institutions ensure that their appraisal algorithms are not biased, for example, that they do not produce lower valuations for homes owned by people of color,” Harris said Thursday in a call with reporters.

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Housing Wire

OCTOBER 24, 2024

Department of Housing and Urban Development (HUD) administers a network of 1,500 Housing Counseling Agencies (HCAs), serving approximately 1 million clients each year. Handling a below-contract appraisal and request for reconsideration of value (ROV).

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Housing Wire

DECEMBER 23, 2024

While Rocket does not have the authority to directly intervene in the process, the law does map out a path for appeal in cases where error or bias are suspected; its called reconsideration of value (ROV). But according to federal guidelines, the ROV process must be initiated by the home buyer, not the lender.

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Housing Wire

MARCH 24, 2022

” Melody Taylor, the Department of Housing and Urban Development official who directed the appraisal bias task force and testified before the committee, agreed with Toomey’s call for more data. “We Most complaints of undervaluation currently occur through the reconsideration of value process with lenders.

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