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We also address how to handle scenarios where a party, such as a loanofficer or listing agent, attempts to select or deselect the appraiser. Josh : Many times, alleged violations of valuation independence result from staff instructing the appraiser on value, adjustments, comp selection, and property ratings.
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.
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. My opinion of the market value of the home was very similar to its reproduction cost.
This entire year, I’ve been blogging once a month with the purpose of assisting loanofficers to better understand the appraisal process. So far, we’ve covered communication with the appraiser, reconsiderations of value, FHA appraisals and a few other topics you should definitely go check out.
For the past six months, I’ve been blogging with the purpose of assisting loanofficers to better understand the appraisal process. So far, we’ve covered final inspections, lending on unique homes, communication with the appraiser, reconsiderations of value, bracketing and FHA appraisals.
Right now on our Appraisal Blog, we’re all about helping LoanOfficers. This post is part six of a 12-part series we’re calling The LoanOfficer’s Guide to Appraisals. The post The LoanOfficer’s Guide to Appraisals Part 6: How are FHA Appraisals Different From Others? We’re halfway there!
Right now on our Appraisal Blog, we’re all about helping LoanOfficers. This post is part five of a 12-part series we’re calling The LoanOfficer’s Guide to Appraisals. So far in our series, we’ve looked at final inspections, lending on unique homes, communication with the appraiser, and reconsiderations of value.
Lenders offer a formal “Reconsideration of Value” (ROV) process. Contact the loanofficer for assistance in submitting an ROV, but remember these processes are mostly one-and-done, therefore be rational and compelling in that first submission. When a sale is involved, the valuation may be lower than contracted price.
The AMC scenario was put into place several years ago to reduce direct contact between the loanofficer and the appraiser, however as I said it can be a slower process. There is always the possibility that the appraisal value is less than the contract price. What If The Appraisal Is Less Than The Contract?
(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.
Trained counselors can bring much-needed clarity to a complex process, even when customers are dealing with a highly competent realtor or loanofficer. Handling a below-contract appraisal and request for reconsideration of value (ROV). Anticipating issues regarding rate lock and/or mortgage contingency expirations.
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