A Reconsideration of Value (ROV) is a request from a financial institution to an appraiser, or other preparer of a valuation report, to reassess the value of residential real estate. An ROV may be warranted if a consumer provides information to a financial institution about potential deficiencies or other information that may affect the estimated value. On June 8, 2023, five agencies issued proposed guidance on how institutions may integrate policies and controls for ROVs into their appraisal process, and how to respond to consumer requests.
What is a Reconsideration of Value (ROV)?
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First published on 08/06/2023