The New and Improved ROV...

[NC Appraising]

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).

Yeah it was a value issue and she said that I did not list all of the upgrades.....line item.

When I arrived, she left becuse she has OCD. She daid that. I was there for an hour listening to her dip shet husband go on and on about the upgrades.

I even took pics of all of the upgrades.

Sorry for not mentioning: cabinets with legs, highest quality paint, upgraded ac with protective over flow, deck stained with high grade finish.

I guess I did not "sale it" to the lender good enough? Never was a good salesman.

As for comps subject is a three bed, I cg home. All comps were 3 bed, 2 cg homes located in the newer section of the pud with wider lots.

 

[Non Sequitur]

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.

Your big nothingburger is an invitation for appraiser harassment in a declining market. Right now, sales are at an all-time volume low with values still through the roof in most markets, I wouldn't expect much drama at this point given those two factors. When the market changes is when we'll see the fruits of this effort.

 

[Surf Cat]

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

Appraisers being arrested and cuffed for not hitting the value the borrowers "think" their property is worth...."The one across the street sold for...."

Book-em Danno! Lol

 

[shrubberyvaluation]

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).

Smart ones will lie that it isn't about value.

 

[sputnam]

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.

Exactly. Nothing new. mmmm... burgers.

 

[djd09]

Mortgage borrowers can challenge inaccurate appraisals through the reconsideration of value process​

When lenders provide borrowers with clear, plain-language notice of reconsideration of value opportunities, lenders help ensure that their reconsideration of value process is nondiscriminatory. Lenders that fail to have a clear and consistent method to ensure that borrowers can seek a reconsideration of value risk violating federal law.

Mortgage borrowers can challenge inaccurate appraisals through the reconsideration of value process | Consumer Financial Protection Bureau

Lenders must ensure all borrowers have equal access to available reconsideration of valuation processes.

www.consumerfinance.gov

too high number hitter...too low racist

 

[alebrewer]

Your big nothingburger is an invitation for appraiser harassment in a declining market. Right now, sales are at an all-time volume low with values still through the roof in most markets, I wouldn't expect much drama at this point given those two factors. When the market changes is when we'll see the fruits of this effort.

Well, I didn't actually claim ownership of the nothingburger... what I said was that - in a month my company has seen exactly zero of these.

 

[Terrel L. Shields]

The appraiser is not prohibited from charging for this "revised appraisal" report.

dream on. Don't you think they won't simply add it to the SOW and require you address it within their fee? And if they don't like the answer, trip fee it will be as they "withdraw" the order. And, of course, the new ROV won't reduce second and third stabs at a revision that brings home the bacon.

 

[alebrewer]

dream on. Don't you think they won't simply add it to the SOW and require you address it within their fee? And if they don't like the answer, trip fee it will be as they "withdraw" the order. And, of course, the new ROV won't reduce second and third stabs at a revision that brings home the bacon.

Actually, per the new reg, a borrower is only allowed one attempt.

 

[Terrel L. Shields]

Actually, per the new reg, a borrower is only allowed one attempt.

Do you really think that will stop them? I've had brokers chime in and complain why didn't I use this and why didn't I use that to the point the Loan officer had to call the broker and tell them to STFU.