ROV on a refinance for the VA.

[Zoe]

I would tell lender they need to get VA to request the ROV. You can't even discuss value with lender unless it is a SAR that works directly with lender. Talk to the SAR if the lender has one and ask them to send it through the VA RLC. When NOV is issued, everything changes. Your NOV was issued 3 weeks ago?

 

[Zoe]

After NOV is issued, it is strong possibility the RLC will tell them to eat dirt.

 

[Zoe]

Just follow protocol. If it went through the RLC, or SAR, then address the information provided. Make them (lender) provide information with reasoning and support and analysis. The SAR should give it to you if they have SAR as an employee. Reason being is SAR issued NOV or your RLC did. You know your RLC can issue NOV's but many lenders have SAR's that are their personal employees. You can always discuss value with the RLC or SAR that works for a lender as an employee.

 

[Alsie35]

Since I started doing VA work in 2004 I've never had an ROV on a refinance for a VA appraisal.
I have now........and wondering if this happens a lot out there?
Here are some facts:
In box 34 on the VA Form 26-1805 "REFINANCING AMOUNT OF PROPOSED LOAN" they wrote $250,000. The lender was hoping for at least this amount in order to complete their loan.
My opinion of value was submitted at $290,000 or 13.8% above.
Let me state I do not care what amount (if any) is placed in box 34. My opinion of value is always what it is.
What I came to find out was the home owner thought the value was TOO LOW and sent the lender comparable's for me to consider from a local magazine that showed some completed sales.
I'm told the homeowner was just upset my opinion was about $50,000 lower than what they thought.
Are appraisers getting challenged on their value opinions for a refi even if their way over what the lender needs?
I thought this was one of the most ridiculous requests I'd ever seen (and waste of time).

In 5 years and over 400 VA appraisals done I have never had a ROV on a VA refinance. There's always a first time, I guess.

 

[Zoe]

If you think you are off after what they send you, then there is nothing wrong with changing your appraised value. Nothing at all wrong with it. The VA and the lender are your client and it is all clean. All documented, not like if you can meet this price, I'll send you assignment.

It's the same way with FHA. The lender and FHA are your client.


Let me clarify, the SAR, even if they work for lender as employee or the RLC are only people you can discuss your appraised value with. You can't discuss your appraised value with a loan processor or a loan officer or anybody else that works for lender. You can't discuss appraised value with homeowner, real estate agent, builder, etc. That is confidential information between you and your client(s).


On the other hand, that is where an ROV and Tidewater help for people that don't have your experience and knowledge. You can explain it in report. If you need to change value, that's fine.

You have to do a revised report with new signature date regardless on an ROV that you get and explain the results.

 

[Zoe]

If you got an email from a loan processor requesting an ROV on a VA loan, email back and say can I talk to your SAR?

 

[Zoe]

If they don't have a SAR then the VA RLC issued the NOV. Either RLC or SAR that works for lender should want information with supporting reasoning and analysis to provide to you.

I roll that way. Most people in Atlanta RLC roll that way. They don't play. Veteran or not. They are highly skilled. Most are appraisers with tons of experience in Atlanta RLC. They make good money too.

But you are responsible for SOW. Don't let some person without the knowledge and experience you have send you a list of comparables without reasoning or analysis after NOV is issued. Don't let anybody but a SAR or RLC send you an ROV. Make it go through the VA portal. You set SOW.

 

[TMG]

Are you reading the proposed loan correctly? Is $250k is the estimated value? or the loan amount?

If its the loan amount, you've got an 86% LTV there....which might be why the borrower is pulling new comps.

 

[CCAAMO]

The problem is many owners think that if Zillow shows the value at X then it must be worth X. I've lost count of the number of owner who right off the bat told me what the Zillow Value was.

 

[glenn walker]

No

Thanks Glenn. They don't want more cash....or any cash. Just a better rate.

My question is just trying to see if this is something that is going on out there or have I just been lucky and never had a truly stupid request like this.

No Idea I have nver seen this