Coalition Letter to FHFA Regarding Uniform Reconsideration of Value Process

On May 30 NAR signed on to a coalition letter to the Federal Housing Finance Agency (FHFA). The signatories 

representing industry trade associations, consumer advocates, civil rights organizations encourage the Federal Housing Finance Agency to collaborate with relevant members of the Property Appraisal Valuation Equity (PAVE) Task Force and the GSEs (government-sponsored enterprises/Fannie Mae and Freddie Mac) to develop a uniform reconsideration of value (ROV) process for residential appraisals. The letter commends the Federal Housing Administration (“FHA”) for taking the first step by issuing a draft Mortgagee Letter, but expresses concern that the benefits of an ROV process are minimized without interagency cooperation in the design and implementation of a standard ROV approach.