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?” The post Reconsideration of Value and Appraisers appeared first on Appraisal Today. By Greg Stephens, SRA, AI-RRS.

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Riverfront Appraisals

APRIL 2, 2021

The post The Loan Officer’s Guide to Appraisals Part 4: Tips for a Successful Reconsideration of Value appeared first on Riverfront Appraisals. This blog is part four of a 12-part series we’re calling The Loan Officer’s Guide to Appraisals. But don’t let the name fool you. Even though we’re […].

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National Association of Realtors

SEPTEMBER 19, 2023

The ROV process is critical for consumers to raise questions about potential errors or omissions in an appraisal and fundamental to confidence in the process. Check out NAR's comments to the Consumer Financial Protection Bureau (CFPB) and the bank regulators.

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Housing Wire

JUNE 9, 2023

The proposed guidance advises on policies that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified in the original appraisal ,” the announcement states.

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Appraisal Buzz

OCTOBER 4, 2021

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. RECONSIDERATIONS OF VALUE. I have to imagine that, for the homeowner, reconsiderations of value are opaque.

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Appraisal Buzz

SEPTEMBER 6, 2022

Appraisers have been dealing with Reconsideration of Value (ROV) requests from clients for decades. However, in the past couple of years, the industry has experienced a significant increase in the number of ROV requests as well as the sources of the requests.

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Housing Wire

MARCH 9, 2021

The finance giant will also begin training home lending advisors and client care specialists in the reconsideration of value process and fair lending issues related to appraisals. Under the conciliation agreement , JPMorgan will pay the homeowner, a Black woman, $50,000.

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Appraisal Buzz

JUNE 7, 2021

Buzz : How should AMCs handle a reconsideration of value (ROV)? Josh : If the AMC knows how to handle a revision request, they already know how to handle a reconsideration of value (ROV). That’s because a reconsideration of value is merely a specific type of revision request.

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Housing Wire

JUNE 2, 2023

Through the President’s PAVE Task Force, the Biden-Harris Administration is taking bold action to address appraisal bias – and renewing our commitment to doing everything in our power to root it out, once and for all.”

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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

There are several ways we can do that from how we allocate orders, set fee schedules, and handle reconsiderations of values. We have a fully embedded quality control tool, but we also have other tools that help with reconsideration of values and evaluating reports. C) Appraisal Quality.

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National Association of Realtors

SEPTEMBER 22, 2023

NAR joined a coalition letter urging regulators to consider benefits of certain aspects of the Veteran Affairs' (VA) Tidewater process for reconsiderations of value (ROVs).

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Housing Wire

MARCH 24, 2022

Most complaints of undervaluation currently occur through the reconsideration of value process with lenders. Others may be reluctant to risk delaying or spoiling a time-sensitive real estate transaction with a fair housing complaint.

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Housing Wire

MARCH 23, 2023

HUD also announced this week that it had awarded $54 million in grants across 42 states designed to curb appraisal bias.

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Housing Wire

FEBRUARY 24, 2023

Concerns of racial bias , a lack of standardization for consumers in the reconsideration of value process and unclear authority in the governance structure are all present amidst increased requests from lenders for a more efficient process that provides value certainty sooner.

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Housing Wire

AUGUST 11, 2020

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

The report also called on the government-sponsored enterprises to release parts of their vast trove of appraisal data, and urged lenders, the government, the GSEs and the Appraisal Foundation to standardize the reconsideration of value process, which currently lacks “any legal structure.”. That process varies from lender to lender.

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Valuation Review

JANUARY 10, 2022

Valuation Review caught up with Clear Capital’s Chief Appraiser John Brenan to discuss the topic of Reconsideration of Value (ROV). Brenan detailed the common reasons ROVs get requested and what appraisers need to know and can expect during this process. Read on for more of our conversation.

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Riverfront Appraisals

JULY 29, 2021

So far, we’ve covered communication with the appraiser, reconsiderations of value, FHA appraisals and a few other topics you should definitely go check out. This entire year, I’ve been blogging once a month with the purpose of assisting loan officers to better understand the appraisal process.

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Appraiserblogs

DECEMBER 21, 2021

Related Posts: Requests for Reconsiderations.appraisers continue to receive requests for reconsiderations on a daily basis. White Paper: Requests for Reconsiderations The paper states that…. Reconsideration of Value Requests Open invitation for spurious reconsideration requests. No thank you.

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Housing Wire

NOVEMBER 30, 2021

Reconsideration of Value (ROV) process. Our industry must support appraisal diversity initiatives, recruit more minorities into the vocation, and increase incentives and opportunities for valuation professionals. Borrowers should always have the opportunity for appraisals to be reconsidered in an unbiased fashion.

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Riverfront Appraisals

JULY 1, 2021

So far, we’ve covered final inspections, lending on unique homes, communication with the appraiser, reconsiderations of value, bracketing and FHA appraisals. For the past six months, I’ve been blogging with the purpose of assisting loan officers to better understand the appraisal process. And, you’ll definitely […].

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Riverfront Appraisals

JUNE 13, 2021

So far in our series, we’ve looked at final inspections, lending on unique homes, communication with the appraiser, reconsiderations of value and bracketing. […]. This post is part six of a 12-part series we’re calling The Loan Officer’s Guide to Appraisals. We’re halfway there! appeared first on Riverfront Appraisals.

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Riverfront Appraisals

APRIL 30, 2021

So far in our series, we’ve looked at final inspections, lending on unique homes, communication with the appraiser, and reconsiderations of value. This post is part five of a 12-part series we’re calling The Loan Officer’s Guide to Appraisals. So if this is […]. appeared first on Riverfront Appraisals.

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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. I’m grateful that nearly half of my work these days is not for lending purposes.

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Cleveland Appraisal Blog

SEPTEMBER 10, 2022

Reconsideration of Value and Appraisers – APPRAISAL TODAY. Reconsideration of Value and Appraisers – APPRAISAL TODAY. Exploring Life & Business with Jamie Owen of Aspen Appraisal Services – VoyageOhio Magazine. Is the Sun Setting on High Prices? – DW Slater Appraisal Blog.

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Birmingham Appraisal

JUNE 13, 2023

You should never discuss value, however, you can discuss errors in factual information such as the number of bedrooms or bathrooms, or the number of acres the house is located on. Request a reconsideration of value- If you disagree with the appraised value, you can request a reconsideration of value from the lender.

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McKissock

MARCH 21, 2023

Current Topics with the VA In this recorded webinar, James Heaslet, Chief Appraiser for the Department of Veterans Affairs, and Jeffrey Hogan, Vice-President at Veros Real Estate, discuss desktop appraisals, reconsiderations of value, and the ways that the VA is monitoring appraisal quality.

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McKissock

DECEMBER 28, 2021

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. The top ones are reconsideration of values, and growing prevalence of desktop appraisals. These are expected to be significant and far-reaching.

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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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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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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

JANUARY 8, 2021

This initiative has significantly reduced the number of formal Reconsideration of Value (ROV) requests received by the VA. Tidewater gives the lender (or another party to the transaction) the opportunity to provide relevant data to the appraiser to support the sale price before the appraisal report is submitted to the VA.

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McKissock

JANUARY 8, 2021

This initiative has significantly reduced the number of formal Reconsideration of Value (ROV) requests received by the VA. Tidewater gives the lender (or another party to the transaction) the opportunity to provide relevant data to the appraiser to support the sale price before the appraisal report is submitted to the VA.

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Appraisal Reconsideration of Value Appraisal Process Contracts 52

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 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. timing and cost), will have implications on the risks associated with any decisions further down the loan process line.

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Portland Appraisal Blog

APRIL 14, 2019

Usually this is done via a document known as a “reconsideration of value” (ROV for short). What is a Reconsideration of Value? In short, a reconsideration of value is another appraisal. Don’t Take it Personally or Get Personal—Don’t Go There. So, let’s define it. Recap #0: Do: Remain professional.

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