AC-032 Reconsideration of Value
Reconsideration of Value: Fannie Mae, Freddie Mac, Jumbo and FHA Loans
Fannie Mae, Freddie Mac and Preferred Jumbo
This bulletin provides details of the Fannie Mae and Freddie Mac (GSEs) new requirements that must be complied with on Fannie Mae and Freddie Mac Conventional and Jumbo Loans related to the Reconsideration of Value (ROV) process effective with loan applications dated on and after October 31, 2024.
FLCBank has established the required processes and procedures to comply with Fannie Mae, Freddie Mac and Jumbo requirements related to the Reconsideration of Value (ROV) process for loans requiring an appraisal report, which also apply to the Preferred Jumbo Product requiring lenders to implement and comply with:
- A disclosure provided to the borrower at the time of the loan application and again upon delivery of the appraisal report detailing that one borrower-initiated ROV is permitted per appraisal, expected turn-time for the request, and instructions and information required to submit a request for an ROV which includes but is not limited to: