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ICE unveils two new property valuation solutions

Housing Wire

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.

Valuation 411
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5 Best Practices for Dealing with Reconsiderations of Value & Revision Requests

DataMaster

Yes, we’re talking about reconsideration of value (ROVs) and revision requests. The Biden-Harris administration has been vocal in its efforts to address racial and ethnic bias in home valuations. In 2022, the administration launched the interagency task force on Property Appraisal and Valuation Equity (PAVE).

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loanDepot settles appraisal bias lawsuit 

Housing Wire

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. But the company hasn’t admitted any fault.

Appraisal 397
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5 Best Practices for Dealing with Reconsiderations of Value & Revision Requests

DataMaster

Yes, we’re talking about reconsideration of value (ROVs) and revision requests. The Biden-Harris administration has been vocal in its efforts to address racial and ethnic bias in home valuations. In 2022, the administration launched the interagency task force on Property Appraisal and Valuation Equity (PAVE).

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HUD is developing an appraisal review process to investigate racial bias

Housing Wire

We must eliminate bias in home valuations so that everyone can equally reap the benefit of wealth – and intergenerational wealth – that come along with homeownership,” HUD Secretary Marcia L. Fudge said during an event at the Brookings Institute. In addition, new cases regarding racial bias on appraisals became public over the last year.

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Federal agencies propose guidance for residential real estate ROVs

Housing Wire

Additionally, the proposed guidance would describe the risks of deficient residential real estate valuations and how financial institutions may incorporate ROV processes into established risk management functions,” the announcement notes. The proposed guidance is available on the CFPB’s website.

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Kamala Harris talks proposed AVM bias rule as White House announces new appraisal actions

Housing Wire

On the heels of a Thursday announcement by six federal agencies unveiling a proposed rule that would implement quality control standards that govern the use of automated valuation models (AVMs), Vice President Kamala Harris weighed in. In addition, the proposed rule expressly includes a nondiscrimination quality control standard.”

Appraisal 393