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. These disclosures must be provided at both the time of mortgage application and at the presentation of the appraisal.

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Housing Wire

MARCH 18, 2024

Intercontinental Exchange (ICE) Mortgage Technology introduced two new tools, Validate ROV and Validate Selector, to its growing suite of property valuation solutions, the company announced on Monday. Regulators are paying close attention to valuations for many valid reasons.

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Housing Wire

JANUARY 12, 2023

HUD’s in-development appraisal review process, which was announced on Thursday, is part of the Reconsideration of Value (ROV), the FHA policy that lenders must follow when a borrower raises concerns about unlawful discrimination in residential property valuations.

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Appraisal Today

SEPTEMBER 9, 2022

Excerpts: Suggested protocols for responding to Reconsideration of Value requests. Click here to listen to Tim Andersen, MAI’s podcast, “Reconsiderations of Value: Satan’s Own Seed, Right?” Mortgage applications decreased 0.8 Mortgage applications decreased 0.8 By Greg Stephens, SRA, AI-RRS. The 10 U.S.

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Housing Wire

MARCH 26, 2024

California-based loanDepot will pay an undisclosed amount and commit to improving its mortgage appraisal practices. The settlement requires loanDepot to implement enhancements to its mortgage appraisal policies and procedures within 120 days. But the company hasn’t admitted any fault.

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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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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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Appraisal Buzz

OCTOBER 4, 2021

As a black appraiser responsible for collateral risk at a mortgage bank, racial bias in appraising claws at me from every direction. 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.

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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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Appraisal Buzz

JUNE 7, 2021

Josh : Appraisal departments, whether at an appraisal management company or a lender, have many responsibilities related to the process of obtaining appraisal reports that can be used for mortgage transactions. Buzz : How should AMCs handle a reconsideration of value (ROV)?

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Housing Wire

JUNE 2, 2023

The White House added its own comments to the newly-announced initiative, saying that the proposed rule follows goals set out by the president in addressing issues of racial bias that have exacerbated homeownership and wealth gaps.

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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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Housing Wire

JANUARY 18, 2023

The GSEs have looked at the demand side and tried to reduce the number of mortgages that require a full appraisal or require an appraisal that takes less time from the appraiser. There are several ways we can do that from how we allocate orders, set fee schedules, and handle reconsiderations of values. C) Appraisal Quality.

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Housing Wire

AUGUST 11, 2020

Last week, HousingWire reported surging mortgage volume and record low interest rates are putting excess pressure on appraisal turn times. 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 Wire

JANUARY 24, 2022

Until recently … the appraisal industry seems to have escaped the type of regulation and scrutiny faced by other participants in the mortgage market,” the authors wrote. Appraisal complaints are most often made directly to the lender, when a borrower asks for a reconsideration of value. That process varies from lender to lender.

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Housing Wire

NOVEMBER 30, 2021

These and other steps are sorely needed to bring the appraisal process in line with advances to digitize mortgages, utilizing technology to combat inconsistencies that continue to beleaguer the profession, and reduce closing slowdowns often caused by appraisal capacity issues. Reconsideration of Value (ROV) process.

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McKissock

DECEMBER 28, 2021

Mortgage rates are expected to rise, but still remain attractive and reasonable. One possibility being discussed is a standardized reconsideration of value process that a property owner can utilize if they believe their house was undervalued by an appraiser. These are expected to be significant and far-reaching. Paul, Minn.).

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Annarbor Appraisal

SEPTEMBER 6, 2020

Challenging the results of the appraisal for mortgage financing. Lenders offer a formal “Reconsideration of Value” (ROV) process. If the value remains the same, then it is time to renegotiate or move on. The post Challenging a mortgage appraisal appeared first on annarborappraisal.

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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 Buzz

FEBRUARY 7, 2022

Let’s take some time to reintroduce Desktop Appraisals and explore the risks that are presented when a Desktop Appraisal is requested of an appraiser as part of the mortgage application process. Prior to 2020, the most common appraisal label in the mortgage origination ecosystem was the Full Appraisal. Appraisal Labels.

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McKissock

JUNE 22, 2021

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. Webinar: Basics of the HP12c and Its Usage in Appraisal.

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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. Don’t miss this FREE update on VA appraisal topics on Wednesday, February 22nd from 11am-12pm ET. Sign up now.

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Appraisal Today

APRIL 7, 2023

NOTE: Please scroll down to read the other topics in this long blog post on ROVs, non-lender appraisals, appraisal business, unusual homes, mortgage origination stats, etc. == Amazing Guitar-Shaped House in Georgia Currently off market. Mortgage applications decreased 4.1 percent from one week earlier Mortgage applications decreased 4.1

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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. Invest in your professional development with one-hour, non-credit webinars presented by experts. View Pro-Series webinars.

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Appraisal Today

NOVEMBER 4, 2022

Reconsideration of value and Appraisers. NOTE: Please scroll down to read the other topics in this long blog post on AMCs, non-lender appraisals, liability, ROVs,unusual homes, mortgage origination stats, etc. ==. Mortgage Lending You decide. We all like free Liability advice! Appraisal Business Tips .

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Housing Wire

AUGUST 29, 2022

SW: The mortgage industry saw huge origination volume over the last two years. We are not going to try to second-guess what the appraiser is saying, but we have a very robust system in place for reconsideration of value requests and disputes. And that’s honestly 90% of this — getting it in the hands of the right appraiser.

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Appraisal Today

MAY 24, 2024

During my term as an appraisal board member in my state, I encountered several cases in which a mixed-use property or commercial property was appraised as a residential property so a borrower could obtain a residential mortgage. In last week’s newsletter, Dan Bradley’s first name was misspelled as Dave, his brother. baths, 19,660 sq.ft.,

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Housing Wire

JANUARY 3, 2023

My hope is that many of the features and policies that have made the VA loan the safest mortgage in the U.S. When it comes to establishing market value, I think the VA appraisal at present determines this as well as any other. The VA loan is the most cost-effective, efficient, flexible and secure mortgage in the world.

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Appraisal Today

APRIL 5, 2024

NOTE: Please scroll down to read the other topics in this long blog post on appraiser discrimination lawsuit, waivers, staying positive with slow business, appraiser’s economic forecast, unusual homes, mortgage origination stats, etc. Mortgage rates Mortgage rates exhibited a minor retreat to 6.79%, remaining within the 6.6%

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Birmingham Appraisal

FEBRUARY 20, 2024

The lender, whether it be a bank, mortgage company, credit union, or other financial institution will provide the buyer with the funds through a mortgage to pay for the house. By making this information available to the appraiser upfront the appraisal process will go more smoothly.

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Birmingham Appraisal

SEPTEMBER 15, 2022

What is a Mortgage Appraisal? A mortgage appraisal is an appraisal that is done for mortgage lending purposes. Lenders, including banks and mortgage companies, require an appraisal to justify the loan they are making. Other users might be sellers, mortgage underwriting, banks, and contractors.

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Appraisal Today

FEBRUARY 23, 2024

NOTE: Please scroll down to read the other topics in this long blog post on residential fee appraiser testifies at bias hearing, what happens to Fannie complaints, Why I love real estate appraising, unusual homes, mortgage origination stats, etc. == Concrete Chateau Artisan Rising From a Lake in Miami FL Is Available for $21.8M

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