Law Reconsideration of Value Valuation 
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
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.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
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. But the company hasn’t admitted any fault.
Housing Wire
JUNE 9, 2023
The guidance, to be published in the Federal Register with a 60-day public comment period thereafter, “shows how ROVs intersect with appraisal independence requirements and compliance with applicable laws and regulations,” according to the announcement. The guidance also prioritizes appraisers’ independence and responsiveness to consumers.
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. One challenge in assessing the scope of appraisal bias is rooted in the informal process of challenging an appraised value.
Housing Wire
DECEMBER 20, 2024
We followed the rules; we followed the law. We offered a reconsideration of value twice to the client. Emerson: I don’t think there’s anything we can do in the current environment with the way the laws and the rights are written. We did nothing wrong. Clarity must be brought to the industry.
Appraisal Buzz
FEBRUARY 7, 2022
The markets perceived no additional risk in transactions where the appraiser signing off on the valuation of the collateral being utilized for a credit decision did not physically inspect the property. It will give the reader of the report, and the person who will be providing the valuation, a visualization of what exists.
Expert insights. Personalized for you.
511 
Let's personalize your content