Reconsideration of Value

ROV Request Form

All Appraisal/Valuation Reconsideration Request are reviewed for compliance with the Dodd/Frank Financial Report Act, Uniform Standards of Professional Appraisal Practice (USPAP), Fannie Mae and Freddie Mac (AIR) Appraiser Independence Requirements and underwriting guidelines, the Real Estate Settlement and Procedures Act (RESPA), the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), FHA, and finally, the specific underwriting guidelines of the Lender/Client.

Reconsideration of Value (ROV) Form

Lender’s Representative Name(Required)
Property Address
MM slash DD slash YYYY
Lender's Name
Appraiser's Name
Describe the reconsideration or dispute item (Check all that apply)

You may present up to 5 different comparable sales that you believe are more comparable than the sales used in the appraisal report. General criteria for submission and consideration of additional comparable data:

  • Additional comparables should have closed within last 3 months.
  • Additional comparables should be located within 1 mile from subject property (expanded for complex properties)
  • GLA of comparables should be +/- 20% of the subject GLA.
  • Age of comparables should be within 10 years of the subject
  • Comparables need to be verifiable through available data sources (MLS, Assessors or public data source).

Identification and description of unsupported, inaccurate, or deficient items

Fannie/Freddie:

This update also requires the Seller to:

FHA:

Ordering a Second Appraisal (II.A.1.a.iii(B)(9)) (a) Second Appraisal by Original Mortgagee A second appraisal may only be ordered if the Direct Endorsement (DE) underwriter (underwriter) determines the first appraisal is materially deficient and the Appraiser is unable or uncooperative in resolving the deficiency. The Mortgagee must fully document the deficiency and status of the appraisal in the mortgage file.

The Mortgagee must pay for the second appraisal. The Mortgagee must report appraisals replaced due to material deficiencies to the applicable State Appraiser Regulatory Agency.

Appraiser Rights and Responsibilities

Rights:

Responsibilities:

Stewart Valuation Intelligence takes reconsideration requests very seriously. Upon receipt of the completed form and supporting documentation, SVI will notify you via e- mail that your dispute package has been received and the process in which your dispute will be handled.