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While there are dozens of changes published throughout the full document, Section II B that encompasses guidance for the HECM program received numerous updates on several different topics. An extensive update was published to general reconsideration of value (ROV) requirements.
Department of Housing and Urban Development (HUD) — will be updated to accommodate the implementation of a new Reconsideration of Value (ROV) policy for appraisals. Lenders must also retain any documentation related to an ROV for inclusion in the case binder.
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.
This may include creating individualized asset allocation models with bonds and stocks while considering the worth of life insurance policies. This may also include the creation of a living will and power of attorney documents. Reconsideration of Value and Appraisers – APPRAISAL TODAY. Learn to Use Technology.
Appraisers are encouraged to document those properties you evaluated as potential comps, but did not use in your current reports. Insurance is financial risk management. You shift the risk from yourself to your insurance company. In the August, 2024 issue of Appraisal Today Excerpts: How much personal insurance should you have?
To read the short Letter, Click Here To read the full 35-page document, with some interesting excerpts from public comments, including appraisers, Click Here My comments: If you are a residential lender appraiser read the Letter and the full document. A Reality Check Southernmost House in Continental U.S. ROVs have been a mess.
A coalition of five federal agencies — the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corp. The interagency guidance is intended to provide a flexible, risk-based approach to ROV processes that can be adjusted to the unique profile of each institution.
HUD’s in-development appraisal review process, which was announced on Thursday, is part of the Reconsideration of Value (ROV), the FHA policy that lenders must follow when a borrower raises concerns about unlawful discrimination in residential property valuations.
To help meet the needs of next year’s homebuyers, here are some key topics to include in staff training: Procedures in documenting a two-year proof of rent payments–and acceptable forms, such as the Venmo rental app. Handling a below-contract appraisal and request for reconsideration of value (ROV).
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