NAR joined a group of industry and consumer groups in a response to the Federal Housing Administration's (FHA) request for comment on its proposed revision to a mortgagee letter on reconsideration of value (ROV).
This response is in addition to NAR's individual response to the FHA.
The coalition requests in the letter:
- A pause in the FHA's revision until they engage with other regulators to create a uniform policy;
- Efforts to Improve education with consumers about the ROV process;
- Clear guidance for all parties on the new rule; and
- Compliance with current law where the FHA would monitor for bias and share any concerns with enforcement agencies as well as other guarantor agencies and the government-sponsored enterprises (GSEs).