Reconsideration of Value

Peak Residential Lending is committed to ensuring a transparent, accurate, and fair appraisal process, free from discrimination and bias.  If an appraisal is performed, you will be provided with a copy of the appraisal or valuation report in accordance with regulatory requirements.  After reviewing the appraisal report, if you feel the home is undervalued or find inaccuracies; you are encouraged to use the Appraisal Reconsideration of Value process to appeal the appraised value.
 

Please fully read and understand the following before completing a Reconsideration of Value Request form.
 

What is an Appraisal?

An appraisal is a professional opinion of value determined by a licensed real estate appraiser.  The report provides an opinion of how much your property is worth in your market (fair market value).  Appraisers must follow systematic procedures defined by Uniform Standards of Professional Appraisal Practice (USPAP), when completing the appraisal.  Appraisers must maintain an up-to-date license to perform as a licensed appraiser.
 

What is a Reconsideration of Value?

A Reconsideration of Value (ROV) is a consumer appeal request for the appraiser to re-evaluate the initial appraisal analysis and conclusion of value.  The consumer provides information they believe is relevant to the appraiser’s value determination.  Peak Residential lending requires an acceptable consumer completed Reconsideration of Value Request Form with supporting documentation to be completed to begin the ROV process.  The information and documentation should support what they believe will impact the value determination and outcome.  An ROV may or may not result in a higher appraised value.
 

What is Appraiser Independence Requirements (AIR):

The Appraiser Independence Requirements prohibit anyone from shaping or trying to influence an appraiser’s value conclusion through coercion, collusion, compensation or intimidation.  To avoid any manifestation of influence please:

  • Do not give your conclusion of value on the ROV request form or mention the final market value or range of value you desire.
  • Do not provide a prior appraisal report.  Providing a sales comparable(s) from the prior report is acceptable if they are still recent.
  • Please be respectful in providing your comments and concerns with the appraisal.
  • If these guidelines are not followed, Peak reserves the right to ask you to resubmit the ROV Request Form following the above guidance.
     

What is the Process for Submitting a ROV?

  1.  Go to www.peakresidentiallending.com and complete the online ROV Request form.
    1.  Form can be found on the Forms tab. 
    2.  Complete and click "submit". The form will be delivered to Peak Residential Lending's Appraisal Review Desk and/or Compliance Team depending on the reason for the ROV request.
    3.  If additional information is needed to be sent, email to appraisalreview@peakresidentiallending.com and include your last name and subject property address.
  2.  ROV’s may be submitted on Conventional, FHA, USDA, and VA loans using Fannie Mae, Freddie Mac, or HUD guidelines.
    1.  Some Jumbo Loan appraisals may not qualify for the reconsideration process.
  3.  ROV’s may be requested for:  
    1.  Correcting factual data about the subject property (report states 3 bedrooms, however it has 4; the home’s age is misstated; the home’s square footage is understated).
    2.  Supplying additional comparable sales that you believe should be considered when determining the value.  Maximum of 4, recently closed comparable(s) may be provided.
    3.  Reporting concerns of bias or discrimination in the appraisal process.
  4.  The form will be reviewed by Peak’s Appraisal Review Desk to ensure completeness, sufficient information is provided for the appraiser to make a reconsideration, and doesn’t violate Appraiser Independence Requirements (AIR).
    1.  Requests noting accusations of fraud, bias, or discrimination will be sent to Peak’s Compliance Team for a full review and investigation, including submission to State and Federal Agencies.
    2.  Expected review turn times are between 1-2 business days.
  5.  Once the form is deemed complete, Peak’s Appraisal Review Desk will submit the ROV to the appraiser.
    1.  Adjustment amounts may not be questioned.  Peak Underwriter’s will review the adjustments in accordance with standard appraisal underwriting requirements from Fannie Mae, Freddie Mac, or HUD.
    2.  How value was reconciled may not be questioned. 
    3.  Any unacceptable comments will be removed prior to submitting the request to the appraiser.
    4.  The appraisal review team will reach out to you if the form needs additional information.
  6.  Appraiser to review and evaluate each concern on the request.  The Appraiser will determine if the appraisal report warrants a change.  They may not be directed by the consumer or the Loan Officer in accordance with AIR.  The appraiser will comment on all requests within the appraisal.
    1.  Appraisers have 3-4 business days to complete their review.
  7.  The appraiser will communicate the outcome of the ROV to the Appraisal Management Company, followed by Peak Residential Lending.
  8.  Your Loan Officer will communicate the outcome of the ROV to you.
  9.  A limit of 1 Reconsideration of Value may be supplied, processed and completed per appraisal report.