Kevin Sears President | Official website
WASHINGTON (May 1, 2024) — Today, the Department of Housing and Urban Development (HUD) and the Government-Sponsored Enterprises (GSEs) introduced a new process to allow consumers to request a reappraisal of their property valuations. This initiative aims to provide consumers with a platform to challenge appraisal values when purchasing a home or refinancing a mortgage.
"We applaud HUD and the GSEs for establishing this process so consumers can more readily obtain a second look at appraisals when they disagree with them," stated Bryan Greene, NAR's vice president of policy advocacy. "It empowers consumers while affording appraisers an opportunity to make sure they got it right."
Greene further emphasized the importance of this development, noting that "NAR has long advocated for updating the ROV process, seeing it as crucial to ensuring fair housing in the appraisal process." The National Association of Realtors® (NAR) views this new reconsideration of value (ROV) process as a positive step towards supporting consumers nationwide.
The NAR, representing 1.5 million members in the real estate industry, believes that this initiative will enhance transparency and fairness in the appraisal process. The organization welcomes the effort by HUD and the GSEs to provide consumers with a mechanism to seek a review of their property valuations, promoting a more equitable real estate environment.
The establishment of the ROV process reflects a commitment to empowering consumers and ensuring accuracy in property valuations. By encouraging lenders to educate consumers about this new recourse, HUD and the GSEs are taking significant strides to support individuals navigating the real estate market.
