Government and Reconsideration of Value

DOJ sues Rocket, appraisal companies over alleged discrimination

Housing Wire

OCTOBER 21, 2024

. “The law’s intent is to determine the home’s value without any input or bias from the lender or any other party with interest in the transaction.” The DOJ and CFPB filed a statement of interest in the case.

Appraisal

Appraisal Reconsideration of Value Valuation Law

The appraisal industry’s governance problem

Housing Wire

JANUARY 24, 2022

Apart from questions of governance, the report found significant gaps in the Appraisal Foundation’s fair housing requirements and training. Appraisal complaints are most often made directly to the lender, when a borrower asks for a reconsideration of value. That process varies from lender to lender.

Government

Government Appraisal Reconsideration of Value Lending

New appraisal bias protections apply to reverse mortgage program: FHA

Housing Wire

MAY 2, 2024

Appraisal bias issues are more commonly discussed on the forward lending side of the mortgage business, but entities including the federal government and independent advocacy groups — including the National Consumer Law Center (NCLC) — have warned that appraisal bias could also impact seniors seeking a reverse mortgage.

Reconsideration of Value

Reconsideration of Value Appraisal Mortgage Valuation

Implementation deadline for appraisal review policy pushed to Oct. 31

Housing Wire

AUGUST 6, 2024

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 policy — announced in May by the U.S.

Reconsideration of Value

Reconsideration of Value Appraisal Design Valuation

ICE unveils two new property valuation solutions

Housing Wire

MARCH 18, 2024

Validate ROV allows homeowners who have questions about lender-assigned home values to submit “reconsideration of value” requests with their phones. Consumers will supplement their requests with pictures of the property.

Valuation

Valuation Reconsideration of Value Tools Technology

Appraisal bias plan promises barrage of actions in the near term

Housing Wire

MARCH 23, 2022

The Department of Housing and Urban Development ’s long-awaited action plan on appraisal bias outlines administrative actions the federal government will quickly take to address mis-valuations. But the report fails to offer a clear plan to release appraisal data from the government sponsored enterprises.

Appraisal

Appraisal Reconsideration of Value Government Valuation

HUD publishes several changes to reverse mortgage handbook section

Housing Wire

MAY 20, 2024

An extensive update was published to general reconsideration of value (ROV) requirements. In a section governing the processes of a financial assessment, certain definitions have been updated, including those for “effective income” (i.e.,

Reconsideration of Value

Reconsideration of Value Mortgage Inspection Insurance

Building a quality-centric culture is essential to ensuring appraisal integrity

Housing Wire

JULY 1, 2024

The Value of Appraisals Appraisals are fundamental to the mortgage process, determining the value of the collateral securing the loan. Concerns about biased and inaccurate appraisals have caught the attention of not only government-sponsored enterprises (GSEs) and regulatory bodies but also consumers.

Appraisal

Appraisal Reconsideration of Value Technology Tools

White House marks one year of PAVE appraisal bias action plan

Housing Wire

MARCH 23, 2023

Department of Veterans Affairs (VA)], are working to build a Federal database to share appraisal data across the Federal government [which] could allow agencies to share enhanced oversight and enforcement actions, and could facilitate new research related to property valuation.” FHFA, along with HUD, [the U.S.

Appraisal

Appraisal Valuation Reconsideration of Value Training

ROV (Reconsideration of Value) Changes – FHA and GSEs

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.

Reconsideration of Value

Reconsideration of Value Appraisal Real Estate Insurance

HUD, GSEs to Allow Consumers to Seek Reconsideration of Appraisal Valuations

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.

Reconsideration of Value

Reconsideration of Value Valuation Appraisal Appraisal Process

Progress now or perfect later: Improving the appraisal process

Housing Wire

FEBRUARY 24, 2023

Concerns of racial bias , a lack of standardization for consumers in the reconsideration of value process and unclear authority in the governance structure are all present amidst increased requests from lenders for a more efficient process that provides value certainty sooner.

Appraisal Process

Appraisal Process Appraisal Reconsideration of Value Valuation

A View on Risk: Desktop Appraisals

Appraisal Buzz

FEBRUARY 7, 2022

During 2020 and 2021 as the Covid-19 pandemic global pandemic disrupted our lives and the way we all do business, regulators, agencies, and the government sponsored enterprises allowed inspection relief in certain circumstances. Operational and Reputational Risk Implications.

Appraisal

Appraisal Inspection Development Technology

FHA Appraisal ROV Q&As

Appraisal Today

OCTOBER 18, 2024

Refinance applications fell 26 percent to their lowest level since August, with comparable drops in both conventional and government refinances. By Ryan Lundquist Choosing the Right Appraisal Management Companies (AMCs): A Guide for Appraisers Mortgage applications decreased 17.0 The recent uptick in rates has put a damper on applications.

Appraisal

Appraisal Reconsideration of Value Insurance Contracts

Types of Appraisal Values

Appraisal Today

AUGUST 9, 2024

Added Kan, “ Despite the downward movement in rates, purchase activity only saw small gains, with an increase in conventional purchase applications offset by decreases in government purchase applications.

Appraisal

Appraisal Reconsideration of Value Insurance Market Value

Why Appraisal Workfiles Are Important

Appraisal Today

APRIL 5, 2024

This is one of the appraisal discrimination cases that has received significant attention – among appraisers, the media and government agencies. Lanham, 20/20 Valuations, and loanDepot.com, U.S. District Court, Maryland. Connolly and Mott and for loanDepot.com filed a settlement with the court.

Appraisal

Appraisal Contracts Business Construction

How to Find Comps With Few Sales

Appraisal Today

FEBRUARY 23, 2024

Finally, we have an inside look (and some hard numbers) at how Fannie’s complaint process works and how many complaints these Government Sponsored Enterprises (GSEs) are actually filing against appraisers. This will save time, especially when consumers request a Reconsideration of Value.

Appraisal

Appraisal Real Estate Contracts Reconsideration of Value

Opinion: The path to modernizing the appraisal process

Housing Wire

NOVEMBER 30, 2021

Reconsideration of Value (ROV) process. These and other steps are sorely needed to bring the appraisal process in line with advances to digitize mortgages, utilizing technology to combat inconsistencies that continue to beleaguer the profession, and reduce closing slowdowns often caused by appraisal capacity issues.

Appraisal Process

Appraisal Process Modernization Appraisal Valuation

Common USPAP Appraiser Violations

Appraisal Today

MAY 24, 2024

Pressured by the Biden administration, government-backed enterprises Freddie Mac and Fannie Mae are instructing lenders they no longer need to use state-licensed appraisers for the task.) 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.

Appraisal

Appraisal Contracts Mortgage Reconsideration of Value

5 Best Practices for Dealing with Reconsiderations of Value & Revision Requests

DataMaster

JUNE 2, 2023

Yes, we’re talking about reconsideration of value (ROVs) and revision requests. Be aware that HUD, FHFA and the federal government are examining the ROV process related to bias. There’s nothing quite like confidently walking away from what you think is a job well done, only to be met with a different sentiment from others.

Reconsideration of Value

Reconsideration of Value Valuation Clients Legal

5 Best Practices for Dealing with Reconsiderations of Value & Revision Requests

DataMaster

JUNE 2, 2023

Yes, we’re talking about reconsideration of value (ROVs) and revision requests. Be aware that HUD, FHFA and the federal government are examining the ROV process related to bias. There’s nothing quite like confidently walking away from what you think is a job well done, only to be met with a different sentiment from others.

Reconsideration of Value

Reconsideration of Value Valuation Clients Legal

Kamala Harris talks proposed AVM bias rule as White House announces new appraisal actions

Housing Wire

JUNE 2, 2023

On the heels of a Thursday announcement by six federal agencies unveiling a proposed rule that would implement quality control standards that govern the use of automated valuation models (AVMs), Vice President Kamala Harris weighed in.

Appraisal

Appraisal Reconsideration of Value Valuation Development

Appraisal WaIvers Can Be Risky

Appraisal Today

MARCH 21, 2025

The FHFA oversees those government-sponsored mortgage companies, so Pultes new roles give him even more control over the direction of Fannie and Freddie. Here are two: Mark Zandi estimates that without an explicit or implicit government backstop of the mortgage giants, mortgage rates could rise by by 60 to 90 basis points.

Appraisal

Appraisal Reconsideration of Value Mortgage Contracts

Appraisal Sq. Ft. Appraisal vs. Assessor/Public Records

Appraisal Today

MARCH 14, 2025

Assessor, The R Word, HUD Appraiser Complaints March 14, 2025 Whats in This Newsletter (In Order, Scroll Down) LIA AD: Navigating value revisions in appraisals Why Is the Square Footage in Public Records Different from the Appraisal? Government purchase applications experienced an 11 percent increase helped by the FHA rate dropping to 6.34

Appraisal

Appraisal Valuation Contracts Government

President Trump’s administration just cut more Fair Housing policies: What’s at stake? Who can help?

Housing Wire

APRIL 2, 2025

How Littles letter might hurt Fair Housing (and lending) What is canceled: ML 2024-07 (Appraisal review and reconsideration of value updates) This policy had nationwide rules to let borrowers ask for a second look if they thought their home was appraised too low (called a Reconsideration of Value).

Reconsideration of Value

Reconsideration of Value Real Estate Appraisal Real Estate Agent

Senators grill HUD official over absent GSE appraisal data

Housing Wire

MARCH 24, 2022

The lack of appraisal data from the government sponsored enterprises took center stage at a Senate Banking Committee hearing Thursday on appraisal bias. If the government has not fully measured and studied the scope of the problem, Toomey said, it should not be suggesting remedies that have the potential to make appraisals more expensive.

Appraisal

Appraisal Reconsideration of Value Valuation Government

Appraisal Time Adjustments

Appraisal Today

MARCH 28, 2025

But our training must govern here and force us to ask the question, Does this adjustment protocol reflect current market verities? They rescind the reconsideration of value (ROV) process implemented by the FHA during the administration of President Joe Biden in response to findings of possible appraisal bias.

Appraisal

Appraisal Contracts Business Reconsideration of Value

Trump reportedly explores overhaul of banking regulators

Housing Wire

DECEMBER 13, 2024

Advisers and officials of the yet-to-be created “Department of Government Efficiency” (DOGE) have asked potential nominees to lead the Federal Deposit Insurance Corp. But he added that proposals to consolidate or eliminate a government agency would require Congressional approval.

Reconsideration of Value

Reconsideration of Value Insurance Government Real Estate

Rocket’s counterpunch: Calling Out HUD and the DOJ

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.

Legal

Legal Reconsideration of Value Law Valuation

Property Appraisal Zone

DOJ sues Rocket, appraisal companies over alleged discrimination

The appraisal industry’s governance problem

Trending Sources

New appraisal bias protections apply to reverse mortgage program: FHA

Implementation deadline for appraisal review policy pushed to Oct. 31

ICE unveils two new property valuation solutions

Appraisal bias plan promises barrage of actions in the near term

HUD publishes several changes to reverse mortgage handbook section

Building a quality-centric culture is essential to ensuring appraisal integrity

White House marks one year of PAVE appraisal bias action plan

ROV (Reconsideration of Value) Changes – FHA and GSEs

HUD, GSEs to Allow Consumers to Seek Reconsideration of Appraisal Valuations

Progress now or perfect later: Improving the appraisal process

A View on Risk: Desktop Appraisals

FHA Appraisal ROV Q&As

Types of Appraisal Values

Why Appraisal Workfiles Are Important

How to Find Comps With Few Sales

Opinion: The path to modernizing the appraisal process

Common USPAP Appraiser Violations

5 Best Practices for Dealing with Reconsiderations of Value & Revision Requests

5 Best Practices for Dealing with Reconsiderations of Value & Revision Requests

Kamala Harris talks proposed AVM bias rule as White House announces new appraisal actions

Appraisal WaIvers Can Be Risky

Appraisal Sq. Ft. Appraisal vs. Assessor/Public Records

President Trump’s administration just cut more Fair Housing policies: What’s at stake? Who can help?

Senators grill HUD official over absent GSE appraisal data

Appraisal Time Adjustments

Trump reportedly explores overhaul of banking regulators

Rocket’s counterpunch: Calling Out HUD and the DOJ

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