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What you need to know – Reconsideration of Value (ROV)

Rebecca Squyres

October 30, 2024

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In compliance with the recent announcement by Fannie Mae, Freddie Mac & FHA, GMFS will be following the requirements for lenders and appraisers for the new appraisal Reconsideration of Value (ROV) on or after Thursday, October 31, 2024. Ā Ā 

Veteranā€™s Administration (VA) & Rural Development (RD) loans will not be affected.

This will be effective with the following:

  • Fannie Mae & Freddie Mac Mortgage Loan applications dated as of Thursday, October 31, 2024
  • FHA Case Numbers assigned as of Thursday, October 31, 2024

These new guidelines were implemented to create a standardized process for lenders responding to borrower requests of perceived appraisal issues and/or appraisal deficiencies.

Please review the requirements below.

  • Correspondent and Broker clients must issue a Reconsideration of Value (ROV) disclosure to the borrower(s) at the time of the application AND upon delivery of the appraisal report to the borrower(s).

This should be able to be generated from your company Loan Operating System.Ā  If not, copies of this disclosure can be found at Reconsideration of Value Disclosure or on our Ā www.GMFSPartners.com website under Forms if it is needed.

NOTE: Ā Appraisals ordered through GMFSā€™s TPO Connect will include the ROV disclosure with the appraisal as required.

  • The Reconsideration of Value (ROV) requests can be sent to GMFS at [email protected] and the ROV request form can be found at Reconsideration of Value (ROV) Request Form or on our GMFSPartner.com website under Forms.
  • Time frames will vary with this ROV request process, GMFS will try to resolve them as soon as possible, but please allow up to 10 business days before inquiring about an update on the requested ROV.

The overview below is a further compilation of the three agencies but is not a complete guide of each of the Agencies requirements. Please see the previous published announcements by each agency for a complete representation.

As a reminder, this summary is provided as a courtesy and is not a complete representation of the Agenciesā€™ requirements. For complete agency requirements, see the published announcements and guidelines.

Contact your District Director or visit gmfspartners.com for more information.

The Reconsideration of Value Disclosure & Reconsideration of Value (ROV) Request Form may be found under the Forms section of www.gmfspartners.com