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WASHINGTON (May 1, 2024) — Today, the Department of Housing and Urban Development (HUD) and the Government-Sponsored Enterprises (GSEs) announced a new process that affords consumers an opportunity to seek reconsideration of appraisal valuations when they purchase a home or refinance their mortgage. Together, they will establish a new reconsideration of value (ROV) process for lenders to follow and direct lenders to educate consumers about this recourse that is available to them.
"We applaud HUD and the GSEs for establishing this process so consumers can more readily obtain a second look at appraisals when they disagree with them," said Bryan Greene, NAR's vice president of policy advocacy. "It empowers consumers while affording appraisers an opportunity to make sure they got it right. NAR has long advocated for updating the ROV process, seeing it as crucial to ensuring fair housing in the appraisal process. We are encouraged by HUD and the GSEs taking this significant step to support consumers nationwide."
The National Association of Realtors® is America's largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
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