FHFA today announced that Fannie Mae and Freddie Mac (the Enterprises) published new Reconsideration of Value (ROV) policies after months of collaboration with FHFA and the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration. A Reconsideration of Value is a request to an appraiser to re-assess the appraised value of a property due to potential appraisal reporting deficiencies or inappropriate selection of comparable properties, or based upon additional information the appraiser should consider.
The Enterprises’ new policies provide clear requirements for lenders to disclose and outline the ROV process for consumers, standardize communication to appraisers, and establish ROV response expectations. Lenders will also be required to refer appraisers to local, state, and federal agencies for violations of anti-discrimination laws. Fannie Mae/Freddie Mac update is effective August 29, 2024.
You can view the full announcement here https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Enterprise-Reconsideration-of-Value-Policies.aspx. The Freddie Mac Bulletin can be found here that details the process https://freddiemac–tst2.custhelp.com/app/guide/bulletin/2024-6.
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