The American Bankers Association, along with banks, community and civil rights organizations, and other industry trade groups, developed a white paper on reconsideration of value best practices. The white paper was created by experts from a range of backgrounds to provide insight into the ROV process. In addition to ABA, experts included representatives from the departments of Housing and Urban Development and Veterans Affairs, Freddie Mac, Fannie Mae, the Appraisal Foundation, the National Consumer Law Center, the Appraisal Institute, and the Mortgage Bankers Association. The collaboration was facilitated by the Office of the Comptroller of the Currency’s Project REACh, which was launched in 2020 to promote financial inclusion through greater access to credit and capital.
ROV allows borrowers to request that appraisers re-assess the appraised value of a property due to potential reporting deficiencies or an inappropriate selection of comparable properties. It was part of a larger package of Federal Housing Administration and Federal Housing Finance Agency policies meant to give borrowers the ability to challenge property appraisals that they believe are inaccurate or biased. ROV first was proposed in 2023 by the FDIC, Federal Reserve, OCC, Consumer Financial Protection Bureau and National Credit Union Administration. Final guidance was issued in July last year.
