Housing Wire

MARCH 23, 2023

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.

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Appraisal Reconsideration of Value Valuation Training 361

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. The policies will take effect later this year.

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Reconsideration of Value Appraisal Valuation Training 78

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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Reconsideration of Value Appraisal Valuation Appraisal Process 450

McKissock

DECEMBER 28, 2021

Nonetheless, it would be prudent for appraisers to refresh or develop their knowledge on appraising REO properties.”. 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.

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Appraisal Reconsideration of Value Real Estate Property Appraisal 96

Housing Wire

JUNE 2, 2023

Today, I’m proud to announce we are developing a rule that will require that financial institutions ensure that their appraisal algorithms are not biased, for example, that they do not produce lower valuations for homes owned by people of color,” Harris said Thursday in a call with reporters.

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Appraisal Reconsideration of Value Valuation Development 382

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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Reconsideration of Value Appraisal Valuation Realtors 366

Housing Wire

NOVEMBER 30, 2021

After a summer filled with overwhelming demand and too little appraisal capacity, which increased loan costs and time to close, there is finally light appearing at the end of the tunnel. Reconsideration of Value (ROV) process. Borrowers should always have the opportunity for appraisals to be reconsidered in an unbiased fashion.

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Appraisal Process Modernization Appraisal Valuation 410