Back in November 2022, the National Association of REALTORS® Board of Directors adopted two public policy recommendations made by the Real Property Valuation Committee. One was to establish a policy to encourage the adoption of a consistent framework for the Reconsideration of Value process. The policy stresses a key component of the process is prioritization of appraiser competency over fee and turn time.
Below is a copy of the motion adopted by the Board of Directors.
Since then, the Department of Housing and Urban Development has published the draft of a proposed Mortgagee Letter, Borrower Request for Review of Appraisal Results.
Using the new policy as a guide, NAR provided comment on the draft. HERE is the link to the announcement on the NAR site.
It's great to see NAR reference the new policy in their response to the U.S. Department of Housing and Urban Development draft a mortgagee letter to establish a process for Mortgagees when a Borrower requests a review of the appraisal results associated with their application for an FHA-insured mortgage.
Posts
