Last year, the regulatory agencies, as well as HUD, FHFA, and Fannie Mae and Freddie Mac, issued their Final Interagency Guidance on ROVs, which creates clear expectations on mortgage lenders to formulate and execute programs to provide customers with access to ROV requests, as well as how to handle them once received. Final regulations were issued regarding AVMs as well to ensure they are not subject to conflict or bias.

There are a number of disclosure requirements that go along with this, as a means to notify customers that they have the ability contest an appraisal if they wish. Then, what do you do if the appraisal is in fact fatally flawed? Should (or can) you order a new one? What about charging the borrower a fee for that second one? Doesn’t that fly in the face of appraiser independence?

In this webinar, we’ll address all these important questions, as well as provide practical advice on how to incorporate this critical new requirement into your lending program.