New ROV Policy Change

On August 6, 2024, Fannie Mae issued a Selling Guide Announcement (SEL-2024-03) that extended the implementation deadline to October 31, 2024 for their new Reconsideration of Value (ROV) process. Freddie Mac and HUD announced the same implementation date extension through their Guide Bulletin 2024-F and Mortgagee Letter 2024-16, respectively. Loans with application dates on or after October 31, 2024 (or case numbers assigned on or after October 31, 2024 for HUD) are subject to the new borrower-initiated ROV requirements for real estate appraisals.