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ROV (Reconsideration of Value) Changes – FHA and GSEs

Appraisal Today

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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White House marks one year of PAVE appraisal bias action plan

Housing Wire

Thursday, March 23 marks the one-year anniversary since the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) released its action plan to curb instances of bias in the housing appraisal process. Led by U.S. FHFA, along with HUD, [the U.S. Department of Agriculture (USDA) and the U.S.

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Free Webinar: Components of AMC Training by Josh Walitt

Appraisal Buzz

Certain states require AMC staff to receive training to ensure they understand valuation independence regulations as well as other statutory requirements. Josh : I am a compliance and valuation consultant based in Colorado. Can’t make the time? Register to receive the full recording in your inbox as soon as it’s over!

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The appraisal industry’s governance problem

Housing Wire

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.

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The appraisal gap is complicating deals across the country

Housing Wire

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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New appraisal bias protections apply to reverse mortgage program: FHA

Housing Wire

An announcement on Thursday from HUD and a new Mortgagee Letter (ML) published Wednesday by the FHA clarifies that the policy applies to all Title II single-family programs, including the Home Equity Conversion Mortgage (HECM) reverse lending program.

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The Housing Market Has Become Like the Pymatuning Spillway

Cleveland Appraisal Blog

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.