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Here's what ROV means: when a borrower thinks an appraisal's value opinion is wrong, unsupported, or shows bias, they can ask for a Reconsideration of Value—a formal process where the appraiser reviews the borrower's concerns (which must include specific problem areas in the report plus up to five new comparable properties with sources), then either confirms the original value or changes it. The borrower gets only one ROV per appraisal, the lender must validate the request before sending it to the appraiser, and the appraiser must correct any errors found and document what changed. However, the rules differ sharply by loan type: Fannie Mae (conventional) still requires lenders to disclose the ROV process when delivering the appraisal, but FHA rescinded its borrower-initiated ROV requirements in 2025, so you must check whether it's an FHA or conventional loan before proceeding. Straight from UAD 3.6/URAR, Fannie Mae Selling Guide, ROV Guidance FAQ, and Fair Housing Law & Appraisal Bias guidance — nothing added.

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© Copyright Notice: © Fannie Mae. UAD 3.6 / URAR reference materials shown for research and reference only. Full documents available at fanniemae.com/uad. Reproduction restricted per Fannie Mae copyright policy.

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#1 UAD 3.6 / URAR (FNMA) Page 337

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Revision History Appendix F-1: URAR Reference Guide Page 337 of 375 Version 1.3 Reconsideration of Value The Reconsideration of Value subsection displays when there was a…

UAD 3.6 / URAR (FNMA) · Appendix F-1 URAR Reference Guide v1.3.pdf · Page 337 · View at official source (fanniemae.com/uad) →

Revision History Appendix F-1: URAR Reference Guide Page 337 of 375 Version 1.3 Reconsideration of Value The Reconsideration of Value subsection displays when there was a Borrower-Initiated Reconsideration of Value (ROV) request submitted to the appraiser on the original report. Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. Reconsideration of Value Report Field ID Report Label When to Include Allowable Answers / Format Definition / Additional Guidance Not on Report This is an appraiser input that does not display Always required Yes | No Reconsideration of Value Indicator • Yes (There was a Borrower-Initiated ROV, and the Reconsideration of Value subsection is included in the URAR) • No (There has not been a Borrower-Initiated ROV, and the Reconsideration of Value subsection is not included in the URAR) Reconsideration of Value Report Field ID Report Label When to Include Allowable Answers / Format Definition / Additional Guidance 27.003 Type Required if Reconsideration of Value Indicator is Yes Borrower-Initiated Reconsideration of Value Type 27.004 Date Required if Reconsideration of Value Indicator is Yes mm/dd/yyyy Reconsideration of Value Result Date The date the appraiser completed the ROV. Note: When an ROV occurs, the Date of Signature and Report (29.066) must be updated to reflect the date of the changes. 27.005 Result Required if Reconsideration of Value Indicator is Yes Choose an allowable answer from the Definition / Additional Guidance column Reconsideration of Value Result Indicates whether the ROV request resulted in a change to the Opinion of Market Value (26.007). • No Value Change • Value Change 27.006 Reconsideration of Value Commentary Required if Reconsideration of Value Indicator is Yes Free-form Provide commentary summarizing the outcome of the ROV. Note: Specific changes to the URAR are detailed in the Revision History Table (27.000 – 27.002).

#2 UAD 3.6 / URAR (FNMA) Page 335

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Revision History Appendix F-1: URAR Reference Guide Page 335 of 375 Version 1.3 27 Revision History The Revision History section can be used to summarize material revisions after…

UAD 3.6 / URAR (FNMA) · Appendix F-1 URAR Reference Guide v1.3.pdf · Page 335 · View at official source (fanniemae.com/uad) →

Revision History Appendix F-1: URAR Reference Guide Page 335 of 375 Version 1.3 27 Revision History The Revision History section can be used to summarize material revisions after the appraisal was originally sent to the client to help identify what revisions and corrections were made. Notes: • A Borrower-Initiated Reconsideration of Value (ROV) must be documented in this section. • This is not for tracking draft versions as the appraiser is writing the report. Examples Example 1: Revision History Section without ROV Example 2: Revision History Section with ROV

#3 Fannie Mae Selling Guide Page 609

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initiated reconsideration of value (ROV). At a minimum, the ROV process must meet Fannie Mae requirements and adhere to all applicable local, state, and federal laws. The ROV…

Fannie Mae Selling Guide · Selling Guide - 06-03-2026.pdf · Page 609 · View at official source (selling-guide.fanniemae.com) →

initiated reconsideration of value (ROV). At a minimum, the ROV process must meet Fannie Mae requirements and adhere to all applicable local, state, and federal laws. The ROV process must include a review and resolution procedure for the ROV request, and steps for the borrower(s) to appeal an appraisal when it is believed the opinion of value is unsupported, may be deficient due to unacceptable appraisal practices, or reflects prohibited discriminatory practices. Regardless of the outcome of the ROV, the lender is responsible for ensuring the appraisal report and opinion of market value are reliable and adequately supported. The lender must provide a disclosure to the borrower outlining the ROV process when the appraisal report is provided to the borrower. The disclosure must make it clear that only one borrower-initiated ROV is permitted per appraisal. The following table describes the information required to initiate the ROV process. ✓ The borrower-initiated ROV must include... • Borrower(s) name, • Property address, • Effective date of the appraisal, • Appraiser name, and • Date of the ROV request. Identification and description of unsupported, inaccurate, or deficient areas in the appraisal report. Additional data, information, or comparable properties (not to exceed five), and the related data sources (for example, the MLS listing number). An explanation of why the new data supports the ROV. In addition to the borrower ROV submission requirements, the lender's ROV policies and procedures must include instructions on required information for a borrower-submitted ROV and standardized communication to the appraiser. The following table describes additional lender requirements. ✓ The lender must... complete its appraisal review before initiating the ROV process. designate an underwriter or other appraisal subject matter expert to review the ROV request. validate the request from the borrower contains sufficient details prior to sending to the appraiser.

#4 Reconsideration of Value (ROV) Guidance Page 1

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Settlement Procedures Act (TRID or TILA-RESPA) definition in Regulation Z regarding the timing of disclosure. Q4. How will Fannie Mae evaluate compliance with the ROV…

Reconsideration of Value (ROV) Guidance · Fannie_Mae_Borrower_Initiated_ROV_FAQ.txt · Page 1 · View at official source (FHFA — Reconsideration of Value) →

Settlement Procedures Act (TRID or TILA-RESPA) definition in Regulation Z regarding the timing of disclosure. Q4. How will Fannie Mae evaluate compliance with the ROV requirements? Compliance with these requirements will be part of the lender's operational review. Q5. What if the borrower-initiated ROV request submitted to the lender does not meet the minimum Fannie Mae requirements? If the borrower-initiated ROV does not meet the minimum Fannie Mae requirements, the lender should work with their borrower(s) to obtain any missing information and ensure the ROV request meets Fannie Mae requirements before sending the request to the appraiser. Q6. Can the borrower initiate more than one ROV? The borrower may request a maximum of one ROV for each appraisal report. Q7. Will a borrower-initiated ROV replace a lender's ability to request an ROV? No, Fannie Mae's borrower-initiated ROV requirements do not replace the lender's underwriting practices, which may provide for an ROV to be requested by someone other than the borrower. Q8. Can the borrower cancel a borrower-initiated ROV request? Yes, the borrower may cancel a borrower-initiated ROV request. The lender should communicate the cancellation process to the borrower. Q9. Once the ROV conclusion is made and there is no value change, may the borrower request a new appraisal? No, the decision whether to accept the appraiser's conclusions is the responsibility of the lender (Seller). Q10. As part of a borrower-initiated ROV, if the borrower identifies a minor error in the appraisal report and the appraiser determines the error does not impact the value of the property, is the appraiser required to update the appraisal report? Yes, for each borrower-initiated ROV, the appraiser must update the appraisal report to correct any errors and provide comments on the change(s). Q11. What if the borrower-initiated ROV identifies material deficiencies in the appraisal report? The lender must work with the appraiser to have all material deficiencies corrected. Q12. Must a borrower-initiated ROV adhere to Appraiser Independence Requirements (AIR)? Yes, all appraisals and ROVs submitted to Fannie Mae must comply with AIR. Q13. How do these requirements apply to third-party-originated loans? For each loan sold to Fannie Mae, the lender is responsible for ensuring compliance with the borrower-initiated ROV requirements, even if the lender did not originate the loan. ===================================================================== NOTE: For the full comprehensive ROV policy (not just the FAQ), see Fannie Mae Selling Guide section B4-1.3-12, Appraisal Quality Matters, indexed separately under Fannie_Mae/.

#5 Fannie Mae Selling Guide Page 1

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Fannie Mae Selling Guide · Selling Guide Announcement SEL-2025-07.pdf · Page 1 · View at official source (selling-guide.fanniemae.com) →

© 2025 Fannie Mae SEL-2025-07 Page 1 of 3 Selling Guide Announcement (SEL-2025-07) Sept. 3, 2025 The Selling Guide has been updated to include changes to the following: • Retirement of “appraisal waiver”: removing the term “appraisal waiver” from use alongside “value acceptance” in the Selling Guide • Rescission of reconsideration of value components: revises two requirements of the framework for a borrower- initiated reconsideration of value • Expansion of MH Advantage®: expanding eligibility requirements for manufactured homes • Establishing borrower ownership interest – life estates: clarifying borrower ownership interest in life estates View the list of impacted topics. Retirement of “Appraisal Waiver” To more accurately reflect the evolving role of our valuation solutions, the term “appraisal waiver” will no longer be used in conjunction with “value acceptance” in the Selling Guide. The legacy terminology no longer aligns with the product’s current function within the valuation spectrum. Furthermore, the continued use of dual terms creates confusion, undermines product promotion, and delays industry alignment around a unified term. As a result, the following updates were implemented: • instances where “appraisal waiver” appeared independently were revised to “value acceptance.” • where the term “value acceptance (appraisal waiver)” was used, the parenthetical reference was removed. These changes promote a more consistent and accurate message across the industry and reinforce our commitment to modernizing the valuation process. Effective: These changes will be implemented immediately. Rescission of reconsideration of value components We revised reconsideration of value (ROV) policy as follows: • We removed the requirement to provide an initial ROV disclosure at the time of loan application. The disclosure must be provided to the borrower along with delivery of the appraisal report. • We simplified documentation requirements to require only documentation related to the outcome (not initiation) of the ROV to be retained in the loan file. Selling Guide Supplement UAD 3.6 has also been updated to reflect these changes. Effective: Lenders may take advantage of these policy changes immediately.

#6 Reconsideration of Value (ROV) Guidance Page 1

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SOURCE: Federal Housing Finance Agency (FHFA) — News Release "FHFA Announces Enterprise Reconsideration of Value Policies" Published: May 1, 2024 URL:…

Reconsideration of Value (ROV) Guidance · FHFA_Enterprise_ROV_Policy_Announcement_2024.txt · Page 1 · View at official source (FHFA — Reconsideration of Value) →

SOURCE: Federal Housing Finance Agency (FHFA) — News Release "FHFA Announces Enterprise Reconsideration of Value Policies" Published: May 1, 2024 URL: https://www.fhfa.gov/news/news-release/fhfa-announces-enterprise-reconsideration-of-value-policies ===================================================================== FHFA Announces Enterprise Reconsideration of Value Policies Washington, D.C. — The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) published new Reconsideration of Value (ROV) policies after months of collaboration with FHFA and the U.S. Department of Housing and Urban Development's (HUD) Federal Housing Administration. A Reconsideration of Value is a request to an appraiser to re-assess the appraised value of a property due to potential appraisal reporting deficiencies or inappropriate selection of comparable properties, or based upon additional information the appraiser should consider. "Consistent standards for lenders and appraisers, coupled with a well-understood process for consumers to challenge appraisal findings, will help ensure that consumers are treated fairly," said then-FHFA Director Sandra L. Thompson. "These updates represent a powerful tool in combating racial bias in property appraisals and promoting valuation accuracy." In June 2023, as part of the Interagency Task Force on Property Appraisal and Valuation Equity, FHFA and HUD established a working group to develop consistent ROV standards. The Enterprises' new policies provide clear requirements for lenders to disclose and outline the ROV process for consumers, standardize communication to appraisers, and establish ROV response expectations. Lenders are also required to refer appraisers to local, state, and federal agencies for violations of anti-discrimination laws. Related policy sources: - Fannie Mae Selling Guide Announcement SEL-2024-03, Selling Guide Updates - Freddie Mac Bulletin 2024-6 - FHA ROV Mortgagee Letter (HUD) ===================================================================== NOTE: This is the original 2024 policy announcement establishing consistent ROV standards across Fannie Mae and Freddie Mac. See also the 21st Century ROAD to Housing Act (2026), indexed separately, which directs HUD, FHFA, USDA, and VA to standardize ROV procedures across the entire mortgage industry -- and note that FHA rescinded its own 2024 ROV policy in March 2025, so the FHA-specific ROV process is currently unsettled pending the new legislation's implementation.

#7 Fair Housing Law & Appraisal Bias (Fair Housing Act, ECOA, USPAP AO-39/40) Page 3

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should confirm with their state licensing board how this seven-hour requirement maps onto that state's specific continuing education hour requirements at renewal. Reconsideration…

Fair Housing Law & Appraisal Bias (Fair Housing Act, ECOA, USPAP AO-39/40) · Fair_Housing_and_Appraisal_Bias_Requirements.txt · Page 3 · View at official source (The Appraisal Foundation — USPAP) →

should confirm with their state licensing board how this seven-hour requirement maps onto that state's specific continuing education hour requirements at renewal. Reconsideration of value: status is split by loan type. This is the area that has changed the most and is the most likely source of confusion for both appraisers and the real estate agents and lenders they work with. The rule to remember is that reconsideration of value, or ROV, requirements are no longer uniform across FHA and conventional, meaning GSE-backed, loans, so the loan type must be tracked before advising anyone on procedure. The Interagency Task Force on Property Appraisal and Valuation Equity, known as PAVE, was created in June 2021 and released an action plan in March 2022 aimed at addressing racial and ethnic bias in home valuations. It led to HUD mortgagee letters requiring borrower-initiated reconsideration of value processes and appraisal fair-housing-compliance requirements. As of mid-2026, the status of those programs has diverged by loan type. For FHA loans administered by HUD, the borrower-initiated reconsideration of value requirements have been rescinded: a 2025 HUD mortgagee letter rolled back the earlier appraisal fair housing compliance and reconsideration of value update requirements. FHA borrowers may still ask their lender to request a reconsideration of value, but the formal borrower-initiated disclosure and timeline requirements are no longer mandated by HUD. For conventional loans backed by Fannie Mae or Freddie Mac, the reconsideration of value policy is still in effect. FHFA-directed reconsideration of value policies published by the enterprises remain active, and a 2025 Fannie Mae Selling Guide update amended, but did not eliminate, the reconsideration of value disclosure requirement: lenders must still provide the disclosure when the appraisal copy is delivered to the borrower, though the requirement to also disclose at initial application was dropped. The PAVE Task Force itself has been effectively disbanded; HUD and the Office of Management and Budget stated in mid-2025 that the task force's associated policies were being terminated or rolled back. The practical guidance is straightforward: do not assume a single reconsideration of value standard applies to every file. Check whether the loan is FHA or conventional before advising a lender, borrower, or real estate agent on reconsideration of value procedure, and confirm current requirements with the AMC or lender at the time of assignment, since this is an area still being actively revised. Nevada state law on fair housing. Nevada Revised

#8 IAAO Standards Page 117

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THIRD EDITION Request for Proposal (RFP) — A document outlining the specifications of a project that is sent to potential vendors. Required Rate of Return on Equity — A component…

IAAO Standards · IAAO-Glossary_3rd-Ed_final.pdf · Page 117

THIRD EDITION Request for Proposal (RFP) — A document outlining the specifications of a project that is sent to potential vendors. Required Rate of Return on Equity — A component of the discount rate, as it is understood from the point of view of band-of-investment analysis, and a component of the overall rate developed according to mortgage-equity analysis. See Discount Rate. RES — See Residential Evaluation Specialist. Resale Factor — A property’s cost components pertaining to carrying charges expected to be incurred during construction and preparation for occupancy. Resales — A parcel or item of personal property that sold in the past and has been sold again. The difference in selling price can be used to calculate a market condition adjustment. See Market Condition Adjustment. Research Automated Valuation Model — General valuation tools that resemble production AVMs in design but have limited functionality. Research AVMs are used for initial testing of concepts. Reserve — Creates some right or privilege for the grantor in the land described as granted. Reserve, Valuation — An account to which is credited the amount of depreciation expenses, antic- ipated losses on bad debts, and other charges representing a downward revaluation of assets that are carried on the books at a figure making no allowance for such revaluation. Note: Valuation reserves are sometimes carried on the liabilities side of the balance sheet. Good accounting procedure, however, requires that they be carried on the assets side of the balance sheet directly after the assets to which they pertain, and that their amounts be deducted from gross book values in arriving at total sales. Reserve Requirement — The amount, expressed as a percentage of deposits, a commercial bank that is a member of the Federal Reserve System must keep on deposit in the Federal Reserve Bank of its region. Reserves for Replacement — Expenses that include annual charges for items that have relatively short lives (short — lived items), such as roof covering, carpets, paint, water heaters, and HVAC systems. See Sinking Fund. Reserving — See Reserve, Valuation. Residence — 1) A domicile; 2) A domicile at which a person is actually dwelling; and 3) A dwelling place, whether or not it constitutes a domicile (preferred). Note: Ordinarily, in the law of taxation, “residence” means “domicile” unless a contrary meaning is specified or is indicated by the context. See Residential Property. Residential Evaluation Specialist (RES) — A professional

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