Law Reconsideration of Value Training 
Housing Wire
OCTOBER 21, 2024
Under federal law, mortgage lenders are required to work at arm’s length during the appraisal process, partnering with independent appraisal management companies who assign the work to state-licensed professional appraisers,” a spokesperson for Rocket told HousingWire.
Housing Wire
MARCH 26, 2024
The changes include communicating to applicants that they have the right to request a reconsideration of value (ROV); explaining why an ROV is denied or the valuation is unchanged; and training its credit, valuation and customer service staff on the topic.
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Clear Capital
OCTOBER 7, 2024
We’re excited to share some important updates regarding the Reconsideration of Value (ROV) process. Federal banking regulators and the GSEs have stressed the importance of financial institutions managing their relationships with service providers, including appraisers, to ensure compliance with consumer protection laws.
Appraisal Today
JULY 26, 2024
Highlights how financial institutions may create or enhance existing ROV processes that are consistent with safety and soundness standards, comply with applicable laws and regulations (including nondiscrimination requirements), preserve appraiser independence, and remain responsive to consumers. million Mortgage applications decreased 2.2
Appraisal Today
APRIL 5, 2024
They alleged that the appraiser had taken into account their race in his valuation of their home in violation of the federal Fair Housing Act and other laws prohibiting discrimination. There is a monetary component – which is confidential. The settlement does not include the defendant appraiser.
Housing Wire
MARCH 9, 2021
The Department of Housing and Urban Development (HUD) has announced that JPMorgan Chase has come to an agreement with a Black homeowner who claimed the bank’s mortgage division – relying on a valuation done by an appraiser – valued her home at an amount lower than its actual worth because of her race.
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?” The architect Sandra Rishani told Insider no new structure can be built in its place because of zoning laws. 1826 Clement Ave.
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