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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Appraisal Reconsideration of Value Valuation Mortgage Appraisal 454

George Dell

JUNE 5, 2024

Editor’s Note: To read the entire Row, Row, ROV series, and a few more posts on Reconsideration of Value, click here. ROV (Reconsideration of Value) is ostensibly motivated by bias issues, as well as other […] The post Row Row ROV? We used to just swim, now we have a rowboat and an oar!

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Reconsideration of Value 195

Housing Wire

JUNE 9, 2023

The proposed guidance advises on policies that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified in the original appraisal ,” the announcement states.

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Real Estate Reconsideration of Value Valuation Law 397

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). In the end, if the information provided justifies a reconsideration of value, then revise the appraisal report accordingly.

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Reconsideration of Value Clients Appraisal Real Estate Agent 91

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

George Dell

MAY 22, 2024

ROV (Reconsideration of Value) is now in the boat. Is it safe? We suspect this will be a long row to get to the chosen island. Just row! It is likely this topic will be the focus of more of our “analog blog” series. To read part one of this series or other blog post […] The post Row Row ROV?

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Reconsideration of Value Appraisal 195

Housing Wire

AUGUST 11, 2020

Most AMCs offer a process called a Reconsideration of Value Request, or ROV, that when properly presented, encourages the appraiser to review the work based on additional appropriate data submitted.

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Housing Market Appraisal Reconsideration of Value Marketing 540

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

Housing Wire

JULY 3, 2024

Department of Housing and Urban Development (HUD) — will be updated to accommodate the implementation of a new Reconsideration of Value (ROV) policy for appraisals.

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Appraisal Reconsideration of Value Insurance Mortgage 334

Housing Wire

MAY 20, 2024

An extensive update was published to general reconsideration of value (ROV) requirements.

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Reconsideration of Value Mortgage Inspection Insurance 459

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. For appraisers, Section II.D.2.

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Reconsideration of Value Appraisal Real Estate Insurance 75

Riverfront Appraisals

APRIL 2, 2021

The post The Loan Officer’s Guide to Appraisals Part 4: Tips for a Successful Reconsideration of Value appeared first on Riverfront Appraisals. This blog is part four of a 12-part series we’re calling The Loan Officer’s Guide to Appraisals. But don’t let the name fool you. Even though we’re […].

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Reconsideration of Value Appraisal Appraisal Process Property Appraisal 78

Housing Wire

JULY 1, 2024

These entities have implemented measures allowing homeowners to request reconsideration of appraisals, aiming to ensure fairness and accuracy. Moreover, tools like Fannie Mae’s Collateral Underwriter® (CU®) have been introduced to enhance the scrutiny of appraisal data.

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Appraisal Reconsideration of Value Technology Tools 435

Appraisal Buzz

SEPTEMBER 6, 2022

Appraisers have been dealing with Reconsideration of Value (ROV) requests from clients for decades. However, in the past couple of years, the industry has experienced a significant increase in the number of ROV requests as well as the sources of the requests.

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Reconsideration of Value Real Estate Clients Development 195

Housing Wire

MARCH 23, 2023

HUD also announced this week that it had awarded $54 million in grants across 42 states designed to curb appraisal bias.

Appraisal 397

Appraisal Valuation Reconsideration of Value Training 397

Housing Wire

JANUARY 18, 2023

There are several ways we can do that from how we allocate orders, set fee schedules, and handle reconsiderations of values. We have a fully embedded quality control tool, but we also have other tools that help with reconsideration of values and evaluating reports. C) Appraisal Quality.

Appraisal 397

Appraisal Reconsideration of Value Appraisal Process Technology 397

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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Government Appraisal Reconsideration of Value Lending 370

Housing Wire

APRIL 6, 2021

Most AMCs offer a process called a Reconsideration of Value Request, or ROV, that when properly presented, encourages the appraiser to review the work based on additional appropriate data submitted,” Johnson told HousingWire in August.

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Appraisal Reconsideration of Value Real Estate Agent Sellers 540

Housing Wire

FEBRUARY 24, 2023

Concerns of racial bias , a lack of standardization for consumers in the reconsideration of value process and unclear authority in the governance structure are all present amidst increased requests from lenders for a more efficient process that provides value certainty sooner.

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Appraisal Process Appraisal Reconsideration of Value Valuation 396

National Association of Realtors

FEBRUARY 3, 2023

NAR joined a group of industry and consumer groups in a response to the FHA's request for comment on its proposed revision to a mortgagee letter on reconsideration of value (ROV).

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Reconsideration of Value 59

Appraisal Buzz

AUGUST 26, 2024

iVALUATION is designed for the needs of mortgage originators, home equity lenders, appraisal reviewers, investors, and a wide array of other housing finance professionals and is particularly helpful for navigating the complexities of Reconsideration of Value (ROV) claims processes.

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Valuation Tools Reconsideration of Value Real Estate 195

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. I’m grateful that nearly half of my work these days is not for lending purposes.

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Housing Market Marketing Reconsideration of Value Contracts 367

Housing Wire

DECEMBER 20, 2024

We offered a reconsideration of value twice to the client. We ordered this appraisal from a third party, who contracted the state-licensed appraiser. At the end of the day, the client didnt like the appraisal. They refused it twice and ultimately decided not to proceed with the transaction.

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Reconsideration of Value Law Clients Appraisal 206

Housing Wire

JANUARY 3, 2023

When it comes to establishing market value, I think the VA appraisal at present determines this as well as any other. When value is not achievable in the opinion of the appraiser — both Tidewater and Reconsideration of Value allow more protective flexibility for the borrower than any other loan type.

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Modernization Real Estate Agent Appraisal Process Reconsideration of Value 83

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!

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Reconsideration of Value Appraisal Valuation Real Estate 41

National Association of Realtors

SEPTEMBER 19, 2023

The ROV process is critical for consumers to raise questions about potential errors or omissions in an appraisal and fundamental to confidence in the process. Check out NAR's comments to the Consumer Financial Protection Bureau (CFPB) and the bank regulators.

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Reconsideration of Value Appraisal 62

Appraisal Buzz

DECEMBER 10, 2024

During his testimonies on Capitol Hill, Kelker discussed various ways SingleSource and other appraisal management companies (AMCs) approach Reconsideration of Value (ROV) requests, bias in the industry, and appraisal waiver programs.

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Reconsideration of Value Valuation Real Estate Appraisal 195

Appraiserblogs

DECEMBER 21, 2021

Related Posts: Requests for Reconsiderations.appraisers continue to receive requests for reconsiderations on a daily basis. White Paper: Requests for Reconsiderations The paper states that…. Reconsideration of Value Requests Open invitation for spurious reconsideration requests. No thank you.

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Reconsideration of Value Law Clients Appraisal 138

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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Reconsideration of Value Appraisal Law Valuation 36

Appraiserblogs

MAY 3, 2024

The implication that if the VALUE is too low, then there must be “material deficiencies” present, is deeply troubling! Up until recently, there has never been a standardized policy for mortgage loan related Reconsideration of Value (ROV) requests after an appraisal has been submitted. The GSE’s have similar policies.

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Reconsideration of Value Appraisal Mortgage Development 113

Riverfront Appraisals

JULY 29, 2021

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. This entire year, I’ve been blogging once a month with the purpose of assisting loan officers to better understand the appraisal process.

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Reconsideration of Value Appraisal Appraisal Process Loan Officers 100

Appraisal Buzz

FEBRUARY 7, 2022

Lenders will need to understand implications to any policies, procedures, or practices associated with reconsiderations of value or the decision to obtain another appraisal. timing and cost), will have implications on the risks associated with any decisions further down the loan process line.

Appraisal 435

Appraisal Inspection Development Technology 435

Riverfront Appraisals

JULY 1, 2021

So far, we’ve covered final inspections, lending on unique homes, communication with the appraiser, reconsiderations of value, bracketing and FHA appraisals. For the past six months, I’ve been blogging with the purpose of assisting loan officers to better understand the appraisal process. And, you’ll definitely […].

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Appraisal Process Reconsideration of Value Final Inspection Bracketing 88

Valuation Review

JANUARY 10, 2022

Valuation Review caught up with Clear Capital’s Chief Appraiser John Brenan to discuss the topic of Reconsideration of Value (ROV). Brenan detailed the common reasons ROVs get requested and what appraisers need to know and can expect during this process. Read on for more of our conversation.

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Reconsideration of Value Valuation Review Appraisal Valuation 78

Cleveland Appraisal Blog

SEPTEMBER 10, 2022

Reconsideration of Value and Appraisers – APPRAISAL TODAY. Reconsideration of Value and Appraisers – APPRAISAL TODAY. Exploring Life & Business with Jamie Owen of Aspen Appraisal Services – VoyageOhio Magazine. Is the Sun Setting on High Prices? – DW Slater Appraisal Blog.

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Reconsideration of Value Appraisal Technology Finance 195

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.

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Reconsideration of Value Appraisal Valuation Training 78