Housing Wire
MARCH 26, 2024
The changes include communicating to applicants that they have the right to request a reconsideration of value (ROV); explaining why an ROV is denied or the valuation is unchanged; and training its credit, valuation and customer service staff on the topic.
Housing Wire
JUNE 9, 2023
The guidance, to be published in the Federal Register with a 60-day public comment period thereafter, “shows how ROVs intersect with appraisal independence requirements and compliance with applicable laws and regulations,” according to the announcement. The guidance also prioritizes appraisers’ independence and responsiveness to consumers.
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Appraiserblogs
DECEMBER 21, 2021
But I digress… According to the Dodd-Frank law, and the HVCC before it, clients are allowed to challenge the appraiser’s value opinion by submitting what is termed in the law “appropriate” sales to be further reviewed, with the expectation that. White Paper: Requests for Reconsiderations The paper states that….
Housing Wire
MAY 2, 2024
Appraisal bias issues are more commonly discussed on the forward lending side of the mortgage business, but entities including the federal government and independent advocacy groups — including the National Consumer Law Center (NCLC) — have warned that appraisal bias could also impact seniors seeking a reverse mortgage.
Appraisal Buzz
FEBRUARY 7, 2022
Lenders will need to understand implications to any policies, procedures, or practices associated with reconsiderations of value or the decision to obtain another appraisal. Both Fannie Mae and Freddie Mac are clear in their selling guides that certain conditions must be met if a lender decides to obtain multiple appraisals.
Portland Appraisal Blog
APRIL 14, 2019
There is no law forbidding someone from paying more than the average market participant for a home unless the motive for doing so falls under money laundering, bribery, or some other equally nefarious scheme. Usually this is done via a document known as a “reconsideration of value” (ROV for short). How best to convey the facts?
Housing Wire
MARCH 23, 2022
The task force report said that the appraisal industry “lacks clarity around its antidiscrimination obligations,” and so the Consumer Financial Protection Bureau , the Department of Justic e, the Department of Veterans’ Affairs and HUD will issue specific guidance on how fair housing law applies to the appraisal industry.
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