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What is a Reconsideration of Value (ROV)?

Question: 
What is a Reconsideration of Value (ROV)?
Answer: 

A Reconsideration of Value (ROV) is a request from a financial institution to an appraiser, or other preparer of a valuation report, to reassess the value of residential real estate. An ROV may be warranted if a consumer provides information to a financial institution about potential deficiencies or other information that may affect the estimated value. On June 8, 2023, five agencies issued proposed guidance on how institutions may integrate policies and controls for ROVs into their appraisal process, and how to respond to consumer requests.

Vendor: 
Housing Research Press

Fair and Inclusive Mortgage Lending Outreach is the premier 2023 resource guide for implementing fair lending goals. Covers modern-day redlining, appraisal equality, marketplace demographics, credit needs assessment, peer analysis, product enhancement, community outreach, and preparing for an examination. PDF format with dozens of infographics and links to resources.

First published on 08/06/2023

Filed under: 
Compliance
Filed under compliance as: 
Compliance/Compliance Management

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