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Real estate agents and loanofficers play an important role in ensuring appraisers have the necessary data to deliver reliable valuations. An incomplete or incorrect legal description can complicate the appraisers research and lead to errors in the valuation.
This is the statement in the HUD/FHA ML-2024-07: “This included guidance to improve the established process by which FHA program participants may request an ROV if the initial valuation is lower than expected.” The mortgage loanofficer handling the loan? Was it the borrower? A Zillow Zestimate?
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