Fannie Mae, Freddie Mac push back reconsideration of value application deadline

Posted: Aug 07 2024

Fannie Mae and Freddie Mac have extended the effective date for the appraisal reconsideration of value, or ROV, requirements. Sellers must now comply with the ROV requirements for mortgages with application received dates on or after Oct. 31

The date change is meant to give sellers additional time to implement ROV processes, according to Freddie Mac.

The ROV policy, which was announced in May, allows borrowers to request that an appraiser re-assess the appraised value of a property due to potential appraisal 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.

To read more, visit: https://guide.freddiemac.com/app/guide/bulletin/2024-F