The New and Improved ROV...

[djd09]

and validate that the request from the borrower contains sufficient supporting evidence prior to sending to the appraiser. If the borrower’s request for an ROV is validated,

 

[sputnam]

There is no forum for an “ unintended user”. All ROVs must go through and vetted by the lender.

The OP is the ROV process that has been in place with major Lenders for years. Fannie has caught up and made it 'official'. The only change is that Fannie is mandating to Lenders that must offer ROVs to borrowers. Unfortunately, an unintended consequence will be that some appraisers will be more inclined hit the number so that they can aviod ROVs.

 

[djd09]

the borrower is not the client...and many court cases provide that precedent

 

[Mile High Trout]

Waste of manpower. The same process was already in place.

This is enticement of borrowers and conditioning them to believe that deals should always work, that the appraiser is a mere formality.

 

[djd09]

Appraiser rights? Notice there's ZERO protection if an appraiser is falsely accused of incompetence or bias by the lender or borrower.

you would have rights if it went to a court room...like the right to remain silent and or face your accusers

 

[djd09]

FHA Extends Implementation Date for Recent Appraisal Review and Reconsideration of Value Guidelines

On August 6, 2024, in Mortgagee Letter (ML) 2024-16 , the Federal Housing Administration (FHA) announced an extension for the implementation of recent Appraisal Review and Reconsideration of Value (ROV) guidelines through and to October 31, 2024. The guidelines, further detailed in our blog post “ FHA Announces New Guidelines Allowing Borrowers to Challenge Appraisals ,” enhance FHA’s current policy on standards for appraisal reviews, and provide specific requirements related to borrower-initiated ROV requests. In explaining the implementation extension date, FHA noted that it recognized “the challenges for Mortgagees to operationalize this important policy update properly and effectively within the original 120-Day time frame. Therefore, FHA is providing additional time beyond the previously announced effective date to ensure Mortgagees have sufficient time for implementation.”

https://natlawreview.com/article/FH...iew-and-reconsideration-value#google_vignette

the borrower is good enough to file an ROV...but not good enough for a waiver

 

[alebrewer]

This has been in place for a month now, and so far I've seen ZERO occurrences of borrowers availing themselves of the new offering. It's a big nothingburger.

 

[djd09]

nothing burger...that is what they said about CU...oink oink oink

 

[NC Appraising]

This has been in place for a month now, and so far I've seen ZERO occurrences of borrowers availing themselves of the new offering. It's a big nothingburger.

I got one about two weeks ago and the borrower was pissed.

Entitlement comes to mind....in this new world, the borrower is the client and they think that we must obey.

Here is the borrowers text:
I'd like to know why you waited for 2 days to respond to our request to correct the appraisal report and changed nothing. We submitted tons of data to you to support the appraisal is inaccurate. What's going on?



Fwiw, for refis, borrowers really did not k ow about ROVs. For purchases, I blame the narcissist re agents.


I think this will led to more bad online reviews and borrowers sending our reports to the board more often becuse it gives them a sense of their right, the appraiser is wrong.

 

[alebrewer]

I got one about two weeks ago and the borrower was pissed.

Entitlement comes to mind....in this new world, the borrower is the client and they think that we must obey.

Here is the borrowers text:
I'd like to know why you waited for 2 days to respond to our request to correct the appraisal report and changed nothing. We submitted tons of data to you to support the appraisal is inaccurate. What's going on?



Fwiw, for refis, borrowers really did not k ow about ROVs. For purchases, I blame the narcissist re agents.


I think this will led to more bad online reviews and borrowers sending our reports to the board more often.

Maybe... any guesses at how this will play out are just that right now - guesses. It's certainly plausible that it could result in more appraisals being submitted to boards, but at least in Texas (can't speak for other states), complaints about low value get tossed automatically. For someone to be 'successful' with a complaint, they really need to know a little about USPAP (again, in Texas).