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.
Appraisal Buzz
JUNE 7, 2021
And, of course, federal regulations and guidelines establish the need for institutions and their agents to have an understanding of the appraisal management process to avoid violations. We also address how to handle scenarios where a party, such as a loan officer or listing agent, attempts to select or deselect the appraiser.
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Annarbor Appraisal
SEPTEMBER 6, 2020
The first thing to remember as a consumer or real estate agent, is that the client is the lender, not the consumer. The lender obtains the appraisal to ensure that the collateral is adequate for the loan (remember the three C’s of credit, capacity, and collateral). Lenders offer a formal “Reconsideration of Value” (ROV) process.
Birmingham Appraisal
SEPTEMBER 15, 2022
The AMC scenario was put into place several years ago to reduce direct contact between the loan officer and the appraiser, however as I said it can be a slower process. The appraiser is given the contact information, which is usually the real estate agents involved, to schedule the appointment and gain access to the property.
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. My advice to agents and sellers is to really analyze the properties that they are using to develop their asking price.
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