Appraisal Reconsideration of Value

The value of a home is determined by comparing the subject property to similar “sold” homes (comparables) and adjusting for the differences. The appraiser is responsible for selecting the best and most appropriate comparable sales based on a variety of factors.

If you believe that the appraised value of the subject property is inaccurate or deficient, there is a Reconsideration of Value (ROV) process available to you. ROVs give the borrower the opportunity to dispute the appraised value and provide the appraiser with additional information.

Steps in the ROV Process:

  1. Review the details of your provided appraisal report.
  2. Complete the fillable ROV Form using the link provided below.
  3. Use the Submission Form link below to complete some contact information and attach the completed ROV Form.
  4. Our Appraisal Department will update you on the status of your ROV Form and request using the email address you provide with the Submission Form.

Complete your rOV Form

submit your rov form

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Additional Information on the ROV Form and ROV Process

What can I do if I believe my appraisal is too low?

If you believe that your appraisal is too low, you can request a Reconsideration of Value (“ROV”). An ROV is a request to reassess the analysis and conclusions based on additional information that may affect the appraiser’s opinion of the value of the property as stated on the appraisal report. During the ROV process, you will have an opportunity to explain why you believe the evaluation is inaccurate and can request that the appraiser:

  • Correct errors in the appraisal report.
  • Consider additional, appropriate property information, including the consideration of additional comparable properties to make or support an appraisal.
  • Consider up to five (5) alternative comparable sales.
  • Provide further detail, substantiation, or explanation for the appraiser's value conclusion.
  • Make factual corrections, reconsider alternate sales, and/or  provide additional support for their conclusions.
  • Confirm that the appraiser has complete independence from all parties involved.

 

What is included in the ROV Request Form?

To request a ROV, please complete our ROV Request Form (link below), which includes the following information you will need to provide after reviewing the appraisal report provided for your mortgage application.

  • Borrower(s) name
  • Property address
  • Effective date of the appraisal
  • Appraiser name
  • Date of the ROV request
  • Identification and description of unsupported, inaccurate, or deficient areas in the appraisal report
  • An explanation of why the new data supports the ROV.

Do not submit a prior appraisal or Automated Valuation Model completed on the Subject property for the appraiser to comment on or compare data; it will be rejected as it would be an Appraiser Independence Requirements (AIR) violation to provide desired or anticipated value/value range to the appraiser.

Instead, you can list the comps used or data from that appraisal if you feel they are relevant. Up to five (5) alternative comparable sales may be for consideration.


What are the ROV guidelines and process?

Guidelines:

  • Only one ROV request by Borrower(s) is permitted per appraisal.
  • If the ROV Request Form does not include appropriate support or is not in compliance with the AIR within the Interagency Guidelines, it will be returned to you for revisions.
  • We will consider the ROV when there are factual errors, errors in the appraisal, or if relevant sales were or were not excluded. 
  • To comply with Appraiser Independence Requirements (AIR), the language in the ROV cannot lead the appraiser to a value conclusion. Therefore, do not ask for a specific value to support a purchase price or a loan amount. The ROV should focus on facts rather than  opinion.

Process:

  • Upon receipt of your ROV Request Form, our Residential Appraisal Department will confirm receipt and review the form for completeness. 
  • If there is any incomplete information, missing supporting documents, or other questions Lender will contact you within three (3) working days, prior to submitting the ROV Request to the appraiser. 
  • The typical appraiser response time is 2 – 3 business days. 
  • Upon receipt and review of the appraiser response and/or a revised appraisal, our Appraisal Department will provide you with that response and revised appraisal, if applicable. 

 

What should I expect with appraiser response to my ROV Request?

A property appraisal value is an objective, third-party expert assessment of a property's market value at a point in time.

Therefore, a ROV request response by the appraiser may include revision(s) to the appraisal, which may or may not have an impact on the appraisal value.

 

What If I believe I have been discriminated against in the appraisal process?

The Fair Housing Act and the Equal Credit Opportunity Act prohibit discrimination in the home appraisal process.