On May 1, 2024, the Federal Housing Finance Agency released an announcement regarding Enterprise Reconsideration of Value policies. The announcement states:
“The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) published new Reconsideration of Value (ROV) policies after months of collaboration with FHFA and the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration. A Reconsideration of Value is a request to an appraiser to re-assess the appraised value of a property due to potential appraisal reporting deficiencies or inappropriate selection of comparable properties, or based upon additional information the appraiser should consider.”
Lenders are to implement ROV policies by August 29, 2024, for Fannie Mae and Freddie Mac, and by September 2, 2024, for HUD.
Docutech is currently reviewing these policy changes to determine any impact to its document library and/or systems. Any modifications made will be announced at https://compliance.docutech.com/.