Appraisal Reconsideration of Value

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.

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.

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. 

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

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

• If you think your appraiser has discriminated against you, contact the Appraisal Complaint National Hotline or via phone at 1.877.739.0096.
• If you think your lender has discriminated against you by relying on a biased appraisal, you can file a complaint with the Department of Housing and Urban Development or, a state or federal financial regulatory agency.