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. Is “better” good enough as a starting point?

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Housing Wire

JANUARY 18, 2023

The quickest way to ensure a faster appraisal process is going to be to learn how to work with valuation providers as partners in the process rather than the way most appraisers feel, adversaries. There are several ways we can do that from how we allocate orders, set fee schedules, and handle reconsiderations of values.

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Appraisal Reconsideration of Value Appraisal Process Technology 382

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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Housing Wire

JANUARY 24, 2022

The appraisal industry’s “byzantine regulation structure,” according to the report’s authors — experts in fair housing, fair lending and valuation — has stunted the appraisal industry’s understanding of fair housing risk. The regime has limited its accountability and enforcement systems. That process varies from lender to lender.

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Housing Wire

MAY 2, 2024

Everyone deserves a fair and unbiased valuation of the home they own or are looking to purchase,” the spokesperson said. This includes seniors considering a Home Equity Conversion Mortgage, for whom home valuation is a critical factor in determining the amount of loan proceeds available to them through the program.”

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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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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 error does impact on your opinion of value, acknowledge and revise your appraisal accordingly, as you want your appraisal to be credible.

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Housing Wire

APRIL 6, 2021

How hybrid title and valuations help increase lending efficiency. 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 539

McKissock

FEBRUARY 13, 2023

James and Jeff will cover current VA appraisal topics including desktop appraisals, reconsiderations of value, and the ways that the VA is monitoring appraisal quality. He is the principal expert for all matters related to residential property appraisals and valuation solutions at Veros. Sign up now.

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Appraisal Reconsideration of Value Valuation Real Estate 85

DataMaster

JUNE 2, 2023

Yes, we’re talking about reconsideration of value (ROVs) and revision requests. The Biden-Harris administration has been vocal in its efforts to address racial and ethnic bias in home valuations. In 2022, the administration launched the interagency task force on Property Appraisal and Valuation Equity (PAVE).

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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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McKissock

FEBRUARY 13, 2023

James and Jeff will cover current VA appraisal topics including desktop appraisals, reconsiderations of value, and the ways that the VA is monitoring appraisal quality. He is the principal expert for all matters related to residential property appraisals and valuation solutions at Veros. View Pro-Series webinars.

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Appraisal Reconsideration of Value Valuation Real Estate 52

McKissock

JUNE 22, 2021

Job aid: Big Box Retail Valuations. Job aid: How to Respond to a Reconsideration of Value Request. The useful and practical information within this guide is intended to enhance and strengthen your responses to a mortgage lender’s appraisal appeal, called a reconsideration of value.

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Reconsideration of Value Appraisal Real Estate Retail 52

DataMaster

JUNE 2, 2023

Yes, we’re talking about reconsideration of value (ROVs) and revision requests. The Biden-Harris administration has been vocal in its efforts to address racial and ethnic bias in home valuations. In 2022, the administration launched the interagency task force on Property Appraisal and Valuation Equity (PAVE).

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Reconsideration of Value Valuation Clients Legal 78

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.

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Annarbor Appraisal

SEPTEMBER 6, 2020

The appraisal is for their benefit, but at the same time, the appraiser needs to complete a fair and supportable valuation. There should never be any bias in favor of any party, or value. When a sale is involved, the valuation may be lower than contracted price. Lenders offer a formal “Reconsideration of Value” (ROV) process.

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Mortgage Appraisal Appraisal Mortgage Reconsideration of Value 78

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.

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Housing Wire

JANUARY 12, 2023

We must eliminate bias in home valuations so that everyone can equally reap the benefit of wealth – and intergenerational wealth – that come along with homeownership,” HUD Secretary Marcia L. Fudge said during an event at the Brookings Institute. In addition, new cases regarding racial bias on appraisals became public over the last year.

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Reconsideration of Value Development Appraisal Valuation 382

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

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. It might be that a clear case can be made for a higher valuation of the subject. So, let’s define it.

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Appraisal Reconsideration of Value Agents Market Value 78

Appraisal Today

NOVEMBER 4, 2022

Reconsideration of value and Appraisers. It ruled that the lender did not owe the borrower a legal duty to assure that the independent appraiser’s valuation was correct. Mortgage Borrowers Can Challenge Inaccurate Appraisals Through the Reconsideration of Value Process. We all like free Liability advice!

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Birmingham Appraisal

FEBRUARY 20, 2024

The appraiser must make sure that they are providing an impartial valuation so that the market value shown in the appraisal is as accurate as possible. For the above reasons, it is very important for accurate valuations during the home-buying process.

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Appraisal Today

APRIL 7, 2023

Becoming a Go-to Appraiser for Realtors during a Confusing Time in the Industry Real estate agents and appraisers are taught different methods of valuation both in qualifying and continuing education as well as in the field. The review and analysis of the lender-selected sales are completely irrelevant to the report and opinion of value.

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Appraisal Property Taxes Reconsideration of Value Contracts 52

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.

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Appraisal Today

APRIL 5, 2024

Lanham, 20/20 Valuations, and loanDepot.com, U.S. 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. District Court, Maryland. Connolly and Mott and for loanDepot.com filed a settlement with the court.

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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

JUNE 2, 2023

On the heels of a Thursday announcement by six federal agencies unveiling a proposed rule that would implement quality control standards that govern the use of automated valuation models (AVMs), Vice President Kamala Harris weighed in. In addition, the proposed rule expressly includes a nondiscrimination quality control standard.”

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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 Reconsideration of Value Appraisal Process 78

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

Birmingham Appraisal

SEPTEMBER 15, 2022

Appraisers develop an opinion of value for the subject property for various reasons including mortgage underwriting. Other nontraditional uses for an appraisal include valuation for insurance companies, helping sellers arrive at a market value to list their home, estate planning, and tax appeals.

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McKissock

DECEMBER 28, 2021

Another content and curriculum manager at McKissock, Dan Bradley, warns that three major unknowns face the appraisal profession for 2022: the PAVE (Property Appraisal and Valuation Equity) task force ; inflation and interest rates; and property values/market conditions. These are expected to be significant and far-reaching.

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Appraisal Reconsideration of Value Real Estate Property Appraisal 96

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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Appraisal Today

FEBRUARY 23, 2024

This will save time, especially when consumers request a Reconsideration of Value. To read the full Miller post with lots of comments on the Bias meeting, Click Here. Search for Sweeney to find it in the long post. Allow the appraisers to speak directly to the lender/client, instead of going through the third-party agent.

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Appraisal Real Estate Contracts Reconsideration of Value 67

Housing Wire

NOVEMBER 30, 2021

The movement to embrace appraisal modernization techniques also holds the promise of removing the potential for racial bias, better supporting efforts to remove valuation gaps that persist in minority neighborhoods. of the properties in Black neighborhoods receive appraisal values lower than the contract price versus 7.4%

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Housing Wire

AUGUST 29, 2022

But I think that it’s going to help solve a lot of problems both now and in future as we move toward more modern valuation methods. And our mission over the last couple of years has really been to transform from an appraisal company to a full-service valuation company. SW: Does NAN utilize some of that technology right now?

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Housing Wire

MARCH 24, 2022

. “Federal researchers, appraisers, academics, tax assessors, and private sector actors could all use these data in ways that inform better-understood valuations and mitigate racial and ethnic bias in valuations,” an FHFA spokesperson said.

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