Navigating the New Reconsideration of Value Requirements: A Compliance Guide
The Federal Housing Finance Agency, along with Fannie Mae, Freddie Mac, and HUD, recently revised Reconsideration of Value (ROV) requirements aimed at enhancing transparency and accessibility for disputing property appraisals. These changes, crucial for borrowers, lenders, and appraisers, include strict documentation, appraiser independence, timely processing, and comprehensive record-keeping. Additional specific guidelines from HUD emphasize borrower notification and lender support responsibilities.