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Policies related to appraisal appeals, or reconsiderations of value (ROV), were rescinded Wednesday by the Federal Housing Administration (FHA). Garber added that the most pressing concern for appraisers remains the resolution of fair housing claims by the U.S. Department of Housing and Urban Development (HUD).
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.
ADUs represent a growing segment of the housingmarket, and your expertise as an appraiser is crucial in reflecting their true value. ADUs are not unique to urban locations and are becoming a crucial part of the housingmarket.
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?” Get the relevant date of value from the client or client’s attorney. How to Respond to ROV Requests: Updated Guidance.
They really appreciate it, and it ensures you can complete assignments on time as you had planned (no one likes waiting for a legal description only to have it show up on your day of 4 inspections!). Reconsideration of value and Appraisers. To read more, including the full legal document and appraiser comments, click here.
Appraisal Waivers Contribute to Data Cancer in the HousingMarket. NFHA (National Fair Housing Alliance) Funding Dries Up The National Fair Housing Alliance (NFHA) has found itself in a precarious position as their funding well runs dry, jeopardizing their ongoing legal battle against Maryland appraiser Shane Lanham.
Broader questions have now been raised about potential new legal liabilities that businesses in the mortgage industry may be subjected to merely for following the letter of the law. In fact, housingmarket reforms instituted in the aftermath of the 2008 housing crisis clearly removed lenders like Rocket from the appraised value process.
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