Remove Document Remove Insurance Remove Reconsideration of Value
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HUD publishes several changes to reverse mortgage handbook section

Housing Wire

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.

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FHA updates tech portal to accommodate new appraisal policy

Housing Wire

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.

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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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How to Ease the Transition to Senior Living

Cleveland Appraisal Blog

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.

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FHA Appraisal ROV Q&As

Appraisal Today

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?

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Freddie Mac Appraisal Advice

Appraisal Today

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.

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Five federal agencies finalize new guidance for ROVs

Housing Wire

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.