A Reconsideration of Value (ROV) is created by an applicant and is a request for the appraiser to reconsider the analysis and conclusion provided on the initial appraisal report. The applicant will provide additional information that they believe may impact the initial appraisal valuation. Information on how to complete and submit an ROV is included below. Only one ROV request is permitted per loan file.<\/p>\n<\/div><\/div><\/div>
An appraisal is an unbiased professional opinion of a property\u2019s value. Appraisals are completed by licensed real estate appraisers who adhere to strict appraisal form and data requirements. Appraisals compare a property to other recently sold properties in the market to develop a \u201cfair market value\u201d. Appraisals are then used by mortgage lenders to ensure the collateral used to finance a mortgage loan has adequate value to support the loan amount requested.<\/span><\/p>\n Licensed appraisers are required to follow the systemic procedures defined by the Uniform Standards of Professional Appraisal Practice (USPAP). These requirements were designed to ensure unbiased valuations of property.<\/span><\/p>\n<\/div><\/div><\/div> Appraiser Independence Requirements prohibits anyone from attempting to influence an appraiser\u2019s valuation. ROV forms will be reviewed to ensure there is no evidence of attempts to coerce, collude, compensate, or intimidate an appraiser for the purpose of influencing their value consideration. To avoid the appearance of influence please consider the guidance below when completing the ROV form:<\/span><\/p>\n Oak Leaf Community Mortgage powered by North Shore Trust and Savings (\u201cBank\u201d) is committed to appraisal valuation transparency and encourages applicants to inquire about appraisal reports. The instructions below allow applicants to request an ROV and provide the required information needed by appraisers to reconsider their appraisal valuation. Complete the process below to submit an ROV request.<\/span><\/p>\n The ROV form will initially ask for the purpose of the request. Use this section to indicate the reason for the ROV request. Options include:<\/span><\/p>\n Use the ROV form (Summary section) to provide specific information regarding factual errors in the initial appraisal report. Including, but not limited to:<\/span><\/p>\n Work with your loan officer and real estate agent to get comparable sales information. Comparable information from websites like Realtor, Zillow, Redfin, and Trulia can also be utilized to provide recent sale activity of comparable properties however keep in mind that the best information source will be from your current or local realtor. Properties currently listed for sale cannot be use.<\/span><\/p>\n<\/div> Comparable sales are recently sold properties that share characteristics with the property that is being valuated. Appraisers are responsible for determining and selecting comparable sales that are the best and most appropriate for the appraisal assignment. To do this the appraiser takes into consideration a variety of factors and follow the general guidelines below. This information should also assist you with completing the ROV form.<\/span><\/p>\nAppraiser Independence Requirements<\/h3><\/div>
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Submit a Reconsideration of Value<\/h2><\/div><\/div><\/div>
Instructions for Requesting an ROV<\/h3><\/div>
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Comparable Sales Selection Guidance<\/h3><\/div>
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\n<\/span><\/span>The closed date of the comparable sale must be prior to the effective date of the initial appraisal valuation.<\/span><\/li>\nReconsideration of Value<\/h3><\/div>
Request Form<\/h4><\/div>