Appraisal Buzz

JUNE 7, 2021

Buzz : How should AMCs handle a reconsideration of value (ROV)? Josh : If the AMC knows how to handle a revision request, they already know how to handle a reconsideration of value (ROV). That’s because a reconsideration of value is merely a specific type of revision request.

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Training Reconsideration of Value Valuation Appraisal 366

McKissock

NOVEMBER 16, 2021

To help you out, we’ve put together some practical information to strengthen your responses to a mortgage lender’s appraisal appeal, called a reconsideration of value (ROV). If the ROV has a deadline that is unattainable, you should inform the client immediately. Meet deadlines, if attainable.

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Housing Wire

MARCH 23, 2022

One challenge in assessing the scope of appraisal bias is rooted in the informal process of challenging an appraised value. HUD will now use the VA’s reconsideration of value process as a model and track reconsideration of value processes for Federal Housing Administration lenders.

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Appraisal Reconsideration of Value Government Valuation 448

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. The GSE’s have similar policies.

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Reconsideration of Value Appraisal Real Estate Insurance 82

Housing Wire

JULY 1, 2024

These entities have implemented measures allowing homeowners to request reconsideration of appraisals, aiming to ensure fairness and accuracy. As the industry continues to evolve, staying informed and proactive in QC and compliance will be vital to maintaining loan quality and operational integrity.

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Appraisal Reconsideration of Value Technology Tools 435

Appraisal Buzz

MAY 6, 2024

The rule change will enable borrowers to request a re-assessment of the appraised value of their property if they believe that the appraisal was inaccurate or biased, HUD says in a release. Our new policies will arm homeowners, lenders, and FHA with a clear process to address biased or inaccurate appraisals.”

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Reconsideration of Value Valuation Appraisal Appraisal Process 150

Housing Wire

JANUARY 24, 2022

The report also called on the government-sponsored enterprises to release parts of their vast trove of appraisal data, and urged lenders, the government, the GSEs and the Appraisal Foundation to standardize the reconsideration of value process, which currently lacks “any legal structure.”. That process varies from lender to lender.

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Appraisal Buzz

AUGUST 26, 2024

The tool simplifies research, streamlines the selection of comparable sales, and expedites verification of property valuations – all while producing detailed, professional reports that instill confidence and drive well-informed decisions across the real estate landscape.

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Valuation Tools Reconsideration of Value Real Estate 195

Appraisal Buzz

FEBRUARY 7, 2022

We live in a world that is transitioning from the Information Age to the Digital Age. For the appraiser, the greatest risk lies in relying on information that may be erroneous and result in the appraiser providing a misleading appraisal. Catalysts of change. Appraiser-specific risks. Operational and Reputational Risk Implications.

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Cleveland Appraisal Blog

MARCH 30, 2021

When an appraiser’s opinion of value is below the contract price, that’s when the carping begins. The number of professional reconsiderations of value coming in are increasing. Usually, the information further supports my opinion of value, when I take a closer look.

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Housing Market Marketing Reconsideration of Value Contracts 368

Housing Wire

JANUARY 3, 2023

When it comes to offering an opinion of ‘good or bad’ on HR 7735 — the VA modernization bill — and its ultimate ability to create a better appraisal process for veteran and active duty borrowers, it’s simply too early to tell with too little information being shared on exactly what changes we should expect.

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Walitt Solutions

JULY 9, 2024

Borrower-Initiated Reconsiderations of Value (ROV) Policies Fannie Mae, Freddie Mac, and HUD recently released Borrower-Initiated Reconsiderations of Value policy changes to their Guides and Handbook, which impact lenders, appraisers, AMCs, and… consumers! MLS), and rationale for the request for reconsideration.

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Reconsideration of Value Appraisal Valuation Real Estate 41

Clear Capital

OCTOBER 7, 2024

We’re excited to share some important updates regarding the Reconsideration of Value (ROV) process. A Reconsideration of Value (ROV) is a request for an appraiser to review and potentially revise the appraisal based on new or additional information provided by the borrower. What is a borrower-initiated ROV?

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Empire Appraisal Group

MAY 9, 2024

New Requirements Aim to Reduce Appraisal Bias The new Reconsideration of Value policy requires lenders to provide a pathway for borrowers to request reviews of home appraisal valuations. Also, underwriters should be trained to identify and remedy appraisal deficiencies, including racial and ethnic bias.

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Reconsideration of Value Appraisal Valuation Training 78

McKissock

DECEMBER 28, 2021

Desktop appraisals, with information provided by third-party hirelings, may increase. One possibility being discussed is a standardized reconsideration of value process that a property owner can utilize if they believe their house was undervalued by an appraiser. Housing market trends for 2022. Paul, Minn.).

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Appraisal Reconsideration of Value Real Estate Property Appraisal 96

Birmingham Appraisal

JUNE 13, 2023

Do provide a packet of information about the property. This will help the appraiser understand the features and characteristics of the property and save them time in researching and verifying the information. Do provide information about comparable sales. Do provide information about comparable sales.

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Real Estate Agent Real Estate Agents Reconsideration of Value 87

McKissock

JANUARY 8, 2021

This initiative has significantly reduced the number of formal Reconsideration of Value (ROV) requests received by the VA. The appraiser is not supposed to discuss the contents of the appraisal with the POC at this point, except to explain they are asking for whatever additional information the POC may be able to provide.

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Appraisal Reconsideration of Value Contracts Appraisal Process 59

Portland Appraisal Blog

APRIL 14, 2019

Usually this is done via a document known as a “reconsideration of value” (ROV for short). What is a Reconsideration of Value? In short, a reconsideration of value is another appraisal. A means of passing along important information not previously disclosed to the appraiser. So, let’s define it.

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Appraisal Reconsideration of Value Agents Market Value 78

McKissock

JANUARY 8, 2021

This initiative has significantly reduced the number of formal Reconsideration of Value (ROV) requests received by the VA. The appraiser is not supposed to discuss the contents of the appraisal with the POC at this point, except to explain they are asking for whatever additional information the POC may be able to provide.

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Appraisal Reconsideration of Value Contracts Appraisal Process 52

McKissock

JUNE 22, 2021

Plus, we’re adding to our library each month so that you get the most current and relevant information to grow your real estate appraisal career. Job aid: How to Respond to a Reconsideration of Value Request. Do you already have an Unlimited Learning Membership ? Webinar: Basics of the HP12c and Its Usage in Appraisal.

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Reconsideration of Value Appraisal Real Estate Retail 52

Town & Country Residential Appraisals

OCTOBER 21, 2024

It’s called a Reconsideration of Value (ROV) , and it’s a tool that can save the deal, reduce buyer stress, and make real estate agents look like heroes. Outcome : With any luck, the new information helps adjust the valuation. Buying a home is stressful enough without an appraisal throwing a wrench in the works.

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Appraisal Reconsideration of Value Valuation Real Estate Agent 57

Annarbor Appraisal

SEPTEMBER 6, 2020

Lenders offer a formal “Reconsideration of Value” (ROV) process. Another possible reason for an ROV would be incorrect information in the appraisal report. If there is adequate information to move forward with the dispute, do not contact the appraiser. Limit the number of sales to three if possible. •

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Mortgage Appraisal Appraisal Mortgage Reconsideration of Value 78

Birmingham Appraisal

FEBRUARY 20, 2024

I believe that collaboration between these two real estate professionals means that they share information that promotes a transparent and open transaction. It’s about sharing information when possible and working together through good communication.

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Agents Appraisal Real Estate Agent Bracketing 95

Birmingham Appraisal

SEPTEMBER 15, 2022

I would like to do my part by informing and educating you on the appraisal part of the transaction. The appraiser is given the contact information, which is usually the real estate agents involved, to schedule the appointment and gain access to the property.

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Appraisal Inspection Appraisal Process Real Estate Agent 98

Appraisal Today

AUGUST 9, 2024

Market Value and Appraised Value: Exploring Various Appraisal Values By Jo Traut Excerpts: You’ve probably been asked about the difference between “market value and appraised value” by clients seeking a mortgage. We don’t provide an appraised value of a property. Scroll down past the big yellow signup block.

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Appraisal Reconsideration of Value Insurance Market Value 74

Appraisal Today

OCTOBER 18, 2024

To read more about the 4 ways, plus information on why I take ads, etc. For more information on how they are compiled, Click Here. For more information or get a FREE sample go to www.appraisaltoday.com/order Or call 510-865-8041, MTW, 7 AM to noon, Pacific time. Scroll down past the big yellow signup block.

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Appraisal Reconsideration of Value Insurance Contracts 69

Appraisal Today

APRIL 5, 2024

Particularly when speaking about the workfile, for my money, the most dangerous words in USPAP are “or references to the location(s) of such other data, information, and documentation.” And sometimes, that one crucial piece of information isn’t there anymore when you need it. For more information on how they are compiled, Click Here.

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Appraisal Today

APRIL 7, 2023

AMCs Assuring that the appraiser has the correct contact information for an inspection is very important. There have been numerous instances in which I have not been able to get ahold of a contact for an inspection only to find out weeks later that the AMC gave me the wrong contact information.

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Appraisal Property Taxes Reconsideration of Value Contracts 52

Appraisal Today

JULY 26, 2024

To read more about the 4 ways, plus information on why I take ads, etc. For more information on how they are compiled, Click Here. For more information or get a FREE sample go to www.appraisaltoday.com/order Or call 510-865-8041, MTW, 7 AM to noon, Pacific time. A Reality Check Southernmost House in Continental U.S.

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Appraisal Valuation Reconsideration of Value Contracts 90

Appraisal Today

NOVEMBER 4, 2022

Keep them informed.”. LIA runs an informational ad at the top of each email newsletter. Reconsideration of value and Appraisers. Mortgage Borrowers Can Challenge Inaccurate Appraisals Through the Reconsideration of Value Process. This process is often referred to as a “reconsideration of value” or “ROV.”

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Reconsideration of Value Appraisal Inspection Advertising 52

Housing Wire

MAY 1, 2024

Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) announced a new policy on Wednesday that will enable mortgage borrowers to “request a re-assessment of the appraised value of their property if they believe that the appraisal was inaccurate or biased,” according to an announcement from HUD.

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Reconsideration of Value Appraisal Valuation Realtors 476

Appraisal Today

JULY 12, 2024

It’s not just about acquiring designations but staying informed about market dynamics, industry changes and emerging trends. To read more about the 4 ways, plus information on why I take ads, etc. By staying informed and considering all relevant factors, you can deliver credible valuations.

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Appraisal Design Contracts Business 75

Appraisal Today

FEBRUARY 23, 2024

To read more about the 4 ways, plus information on why I take ads, etc. Also, I am very good at collecting and analyzing various pieces of information to come to a conclusion. I read articles online and in the local newspaper, but they didn’t have much information. For more information on how they are compiled, Click Here.

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Appraisal Real Estate Contracts Reconsideration of Value 75

Appraisal Today

SEPTEMBER 9, 2022

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?” Click here for the list of 4 ways plus information on why I take ads, etc. =. By Greg Stephens, SRA, AI-RRS. Excerpts: 2.

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Reconsideration of Value Appraisal Clients Contracts 52

Appraisal Buzz

OCTOBER 4, 2021

As an appraiser, I knew the value came in low, so I asked to submit a reconsideration of value. The appraiser agreed with my viewpoint and increased his opinion of value by $100,000. I fear claims of racial bias will become the new way to shop for value. RECONSIDERATIONS OF VALUE.

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Reconsideration of Value Appraisal Valuation Mortgage 397

Housing Wire

JULY 18, 2024

(FDIC), the Federal Reserve Board , the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC) — announced on Thursday finalized guidance that is designed to address “reconsiderations of value (ROVs) for residential real estate transactions,” according to an announcement.

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Reconsideration of Value Valuation Real Estate Appraisal 442

Housing Wire

NOVEMBER 30, 2021

Reconsideration of Value (ROV) process. Additionally, as directed by the Biden administration, the U.S. Our industry must support appraisal diversity initiatives, recruit more minorities into the vocation, and increase incentives and opportunities for valuation professionals.

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Appraisal Process Modernization Appraisal Valuation 448