FHA - R.o.v.

[G-man]

I have a lender requesting a reconsideration of value. Am I correct in my remembering that FHA requires a specific document/request for these types of issues? The underwriter is also requesting two additional comps (yeah, I be pulling those right out of my super secret hiding place). I can't imagine FHA would want two reports with the same case # with differing values.

Thanks

 

[RSW]

G-man,

I don't know. I've never had a ROC on a FHA appraisal before. I've been doing FHA appraisals since 1995.

 

[Mike Boyd]

YES! It is called a Request for Reconsideration of Value. I don't know the form number. The agents or the owner must submit documentation to the underwriter who then decides if there is sufficient evidence to warrant a ROV. If the underwriter feels it is justified then the UW will send you all documentation for you to reconsider. You, then, have to analyze each new comp (or the documentation that is provided) and determine if they are worthy of a ROV. If not, you will earn $150 for each listing or document you have to analyze. If it IS worthy, then you have to include that data or new comps into your report.....at no charge. Explain everything and show your analysis.

 

[Michael Tipton]

4-9 RECONSIDERATION OF APPRAISED VALUE

The underwriter may request reconsideration of the appraised value when new market data exists that may not have been reflected in the appraisal. The lender can select new comparables and request a reappraisal. This request from the lender must be in writing and maintained in the appraiser's work file. The appraiser must decide whether to use the new comparables and perform the reappraisal. If the comparables were available when the initial appraisal was performed, the lender may not offer pay for the reconsideration.

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