What is an Appraisal?

An appraisal is conducted to assist lenders in confirming that the property offered as collateral for your loan has sufficient value to support the requested loan amount.

Appraisers must follow systematic procedures set by the Uniform Standards of Professional Appraisal Practice (USPAP) that guide their selection of comparables, methods for making adjustments, and standards for professionalism.

What is a Reconsideration of Value (ROV)?

If you have concerns with your appraisal, your loan officer will be able to discuss the process to complete your ROV Request Form.

Your request will be submitted for review by an independent quality assurance team and evaluated objectively.

It is important to note that the ROV process is not intended to change the value because someone is dissatisfied with the appraisal conclusions or outcome.

If the credibility of the report is proven to be compromised, including any evidence of discrimination or bias, the appraisal value may be reconsidered or a new appraisal report may be ordered.

What Issues Can a Reconsideration of Value (ROV) Help Address?

If you believe any of the following to apply to your appraisal, please submit a Reconsideration of Value (ROV) Request Form:
- The appraisal report may have errors or factual inaccuracies that could affect the appraised value.
- The comparable sales selected may not be the most suitable for the property comparisons.
- You are concerned that your race, ethnicity, gender, age, or other personal characteristics may have improperly influenced the appraised value.
- You are concerned that demographics associated with the neighborhood where the property is located may have improperly influenced the appraised value.

What Should You Include When Submitting a Reconsideration of Value (ROV) Request Form?

Please keep the following in mind when submitting a ROV Request Form:
- Please be as detailed as possible in providing information for the appraiser to consider.
- If you are working with a real estate agent, they may be able to provide you with comparable sales in the market.
- If this is a refinance transaction, you may use tools like Redfin and Zillow to find recent sales activity, but keep in mind that current listings cannot be used.
- For factual errors, please provide which data points are inaccurate.
- Per the Appraiser Independence Requirements, please refrain from using intimidating
language, providing prior appraisal reports, or mentioning a desired value range.