Reconsideration of Value Notice
Updated 10/28/2022
This form can be used as a model disclosure for appraisal “Reconsideration of Value.”
Note: This document may be used at the bank’s discretion in relation to the recent CFPB blog post on challenging inaccurate appraisals based on a prohibited basis.
5/1/24 Update: HUD has issued Mortgagee Letter 2024-07 which provides new guidance regarding the ROV requirements for FHA loans. The bank may wish to review this letter by clicking here. The provisions of this ML may be implemented immediately but must be implemented for FHA case numbers assigned on or after September 2, 2024.
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