The lender will provide any information that supports an increase in value to the appraiser. I know this from a comment I made to a room full of appraisers at the Appraisal Summit & Expo this past November. If I’m having difficulty in  justifying a contract price I simply let the lender know and put completion of the report off for 48 hours to allow the interested parties to provide support for the contract price. Many times I have and they still do not support the contract price. If by chance I have missed a comp that is as good or better than the ones I have used I will include it. VP/Chairman National Appraiser Peer Review Committee. Both clients and appraisers alike can be confident their concerns will be addressed efficiently. “A reconsideration of value is a request to the FHA Roster appraiser to reconsider the analysis and conclusions of his or her appraisal based on information that was not presented on the appraisal report, but was relevant to the appraisal and available to the appraiser in the normal course of business as of the effective date of the appraisal.” 2. The lender will request another appraiser to review the appraisal and take a quick peek at the subject property. Don’t shoot the messenger comes to mind. But the fact is, most residential appraisers across the US do work for AMC’s. Most files that come through with a new ROV request are looked at within 4 hours and are either processed or suggestions are given to the client for a more positive result. If more than four closed sales are supplied, a request will be sent back asking you to narrow your submission down to four sales that you wish to have sent to the appraiser. Anyone connected to the ‘deal’ can question the appraiser’s value, but must be based on poor comparable selection or a significant obvious problem in the report. No thank you! There are many factors to consider when submitting a Reconsideration of Value request, which can be overwhelming. Mike Ford, American Guild of Appraisers (AGA™) says: undue influence during the development of appraisals. It’s a new 2018 year and all the same “animals” in the zoo are seeking to replace appraisers they screwed last year. At each of the past Summit/Expo’s I have attended (2017 & 2015), there have been seminars presented from the AMC’s perspective of how ‘we’ should interact with them. Sign the Open Letter to AMCs. They were poor appraisers getting no work so they became AMC’s What a joke! Although well intended, the VAs Tidewater program is worse in my opinion than any post submittal conventional reconsideration of value request. Actually, those checkboxes correspond with what was allowed in HVCC, which was carried forward into Dodd-Frank. I often thought about it in comparison to my grandparents experience with the coal mines. The request after all, comes from their direct employer. Fill out our short form to download the pdf. He can be reached at (248) 220-2536 or by email at, Kimberly is the Escalations Team Lead at Class Valuation. I have a policy, all reconsideration of value requests must be reviewed by the lenders underwriter and that underwriter must provide me with the MLS printout and property data sheets for each of the sales they want me to consider and state they have reviewed this information and believe that these sales may be superior to the comparable sales cited in the report. Consider they are advertising as Appraiser and Mortgage Consultants created this company they should know better. In both of these circumstances, there is extra time involved and extra money involved. I have to pay $75 or $125 or... What a great letter to have read and video to have... Lol, posting an old article that is just a rehash of... We know you dont support your spurious claims. Now if only they guaranteed direct assignment ordering, rotational and fair distribution for all appraisers on panel, promised not to use bidding approaches to routine order distribution, clearly stated a fixed fee for their services, and promised 2 week minimum turn time allowance on all full orders…  Dare to dream. Bottom line, is that any request for reconsideration or value dispute should have some factual basis for being made. To request a reconsideration of value, please submit this form to [email protected] Kimberly is the Escalations Team Lead at Class Valuation. In compliance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, is permitted to submit on your behalf, as an agent or consumer, and process the following reconsideration requests: 1. How much more... Virginia Coalition of Appraiser Professionals. If the poster gets you upset, it is the Internet, you can walk away from it. Reconsideration of Value (ROV) There are occasions when you receive the appraisal and it does not meet your expectations. We value robust & civil discourse. That’s why the VA set up an … Nothing new other than the year. [contact-form-7 404 "Not Found"] Live Chat Software In many cases  the people that I’m dealing with at the AMC are not qualified to even discuss the appraisal with me. The notes indicate “Reconsideration of Value.” Use appeal form to criticize or complain about the appraiser or appraisal. The goal is to raise much needed awareness and support to change the broken AMC model within our industry. According to the FHA, “A reconsideration of value is a request to the FHA Roster appraiser to reconsider the analysis and conclusions of his or her appraisal based on information that was not presented on the appraisal report, but was relevant to the appraisal and available to the appraiser in the normal course of business as of the effective date of the appraisal.” Therefore, an ROV is a … Best practice is to supply alternative sales that are similar to the subject property in terms of square footage and condition ratings. Sad state of affairs. FNMA license requirements require more than check boxes. I’ll have to “beg to differ” on that one Bill. They apparently think that just because the loan officer, real estate agent, borrower or whoever doesn’t like the value on the appraisal report they can ask for a “Reconsideration of Value”. He is passionate about customer service, and wants to ensure the best client experience through constant communication and care. Those requesting the reconsideration of value should submit any data that wasn’t available at the time the appraiser made out the original report. Due to the high level of education and experience required for our profession, many looking for a quick buck or for a profession having appreciation shown both in money and respect from the clients, dropped out or chose a different career. They back me up when I am right. I asked the attendees how many of them did assignments for direct placement local lenders, Credit Unions, etc. I’d rather burn in Hell than work for this degenerate AMC. Now, let’s take a look at the other side of the paper in the column marked “recertification of value.” In a recertification of value (or ROV), the client is essentially asking if the value of the appraisal still holds. Final When You’re Not the Original Appraiser, Coronavirus Will Cause Our Next Recession. I am truly sorry for your loss Jan. The VA wants what’s best for the veteran . Appraisers should start to set a fee for each comparable sale requested in …
2020 appraisal reconsideration of value