If you have concerns about your appraisal report, you can trust us to guide and support you through the Reconsideration of Value (ROV) process. Our goal is to help you arrive at a fair, accurate value. Before submitting, make sure you read through our ROV support resources to give you the best chance of improving your value.
The lender (DE Underwriter for all FHA appraisals) must fully complete the online form below and upload the document within the order. You may also choose to download the fillable ROV Form PDF and upload the completed form to the order online.
You can expect a response within one to four business days of submitting your appeal. Requests received after 3 p.m. EST will be processed the following business day. Once your request is completed and reviewed, you will be contacted by Class Valuation with the appraiser’s response. Only one ROV is permitted. If you have any questions, please contact Class Valuation as soon as possible.
An ROV is a process that allows borrowers, lenders, or other stakeholders to request from an appraiser a general correction to the report, further explanation or substantiation, or a request to reconsider the value if they believe the initial valuation is incorrect or does not reflect the true market value of the property.
The new policies aim to provide clearer guidelines and more structured procedures for requesting and processing ROVs. This includes standardizing the documentation required, setting timelines for responses, and outlining specific criteria under which an ROV can be requested. The changes were implemented to enhance transparency, consistency, and fairness in the appraisal process. They are intended to address concerns about appraisal bias and ensure that valuations are accurate and equitable.
Class Valuation has always safeguarded appraiser independence during the ROV process while at the same time sharing a common interest with our clients in delivering an appraisal report that is supported, credible and meets industry guidelines and is compliant with USPAP. Most of what is outlined in these policies has already been part of the Class Valuation’s policy for a couple of years.
Yes, delete the old form. Please find the new form here.
Borrowers, lenders, and other stakeholders involved in the transaction can request an ROV. This includes real estate agents and brokers, provided they have the proper authorization from the borrower.
The required documentation typically includes a completed ROV request form, supporting evidence such as comparable sales data, photographs, or other relevant information that supports the claim that the initial appraisal was inaccurate. When communicating, the lender should include a description of the area(s) in the appraisal report and all the additional information that requires the Appraiser’s response; provide detailed information, data, or relevant comparable sales as available; only include relevant comparable sales as of the effective date of the appraisal; and not include more than five alternative comparable sales.
The new policies do not set specific timelines for each stage of the ROV process. Generally, once a request is submitted with all necessary documentation, a response should be provided within a specified number of business days outlined by the service level agreement. Ideally, the response by the appraiser should occur within 24 to 48 hours, or in a timely manner based on the complexity of the assignment.
A successful ROV typically requires credible evidence that the initial appraisal contains errors, omissions, or misrepresentations that significantly affect the property value. This can include overlooked comparable sales, incorrect property data, or signs of bias in the appraisal.
If an ROV request is approved, the appraiser may issue a revised appraisal report with an adjusted value. This revised appraisal is then used in the mortgage underwriting process. An ROV request can be denied if the evidence provided is insufficient to justify a change in the appraised value, or if the initial appraisal is deemed to be accurate and unbiased.
No costs associated with an ROV may be charged to the borrower. Per our service level agreement with our panel of appraisers, we do not entertain a fee for completing an ROV under most circumstances.
These policies provide for a maximum of five alternative sales to be included in an ROV. Class Valuation’s ROV form has been updated to reflect that. Class Valuation never had a strict requirement on the maximum number but did, and still do, remind submitters that the goal is to make page one of the appraisal report, so focus on three.
Regardless of the outcome of the ROV, the lender is responsible for ensuring the appraisal report and opinion of market value are reliable and adequately supported. The lender must provide a disclosure to the borrower outlining the ROV process at the time of loan application and again when the appraisal report is provided to the borrower. The disclosure must make it clear that only one borrower-initiated ROV is permitted per appraisal.
The appraiser’s response must be included in a revised version of the appraisal that includes specific commentary explaining their conclusions to the ROV request, regardless of whether the appraiser determines that changes are not needed to address the issues identified in the ROV. Regardless of the outcome of the ROV, the lender is responsible for ensuring the appraisal report and opinion of market value are reliable and adequately supported.
The new policies empower borrowers by providing a clearer path to challenge and rectify potentially inaccurate appraisals, thus ensuring they are not unfairly disadvantaged by incorrect property valuations.
Detailed information about the new ROV policies can be found on the official websites of Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA). Additionally, lenders and real estate professionals can provide guidance on navigating the ROV process.
Feel free to reach out to Class Valuation, your lender, or a real estate professional for personalized assistance and further clarification on the new ROV policies.
For any concerns regarding an Appraiser Independence issue please reach out to us via email at air@classvaluation.com or give us a call at 248.955.9506.
For any concerns regarding an Property Data Collector Independence issue please reach out to us via email at pdcir@classvaluation.com or give us a call at 248.509.0231.
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