Summary
This document is a guide detailing the Reconsideration of Value (ROV) process for mortgage borrowers. It outlines the conditions under which a borrower can request a reconsideration of the appraised value of their property. The guide explains that an ROV can be initiated if the borrower believes the appraisal is inaccurate due to specific issues or inappropriate comparable sales. To request an ROV, the borrower must provide their contact information, property address, appraisal date, and a detailed explanation of their concerns. The document describes the process and timeline for reviewing ROV requests, stating that a response is typically provided within 10 business days, although delays may occur. Additionally, it emphasizes the importance of reviewing the disclosure provided at the time of loan application and again upon appraisal delivery. The guide encourages borrowers to reach out for further assistance if their concerns are not satisfactorily addressed.
