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What is ROV?
ROV stands for "Reconsideration of Value"—it's a formal process where a borrower can ask an appraiser to take another look at their appraisal if they believe the value isn't accurate. When a borrower submits an ROV request, they're essentially saying "I think you valued this property too low," and they can provide additional information or market data to support their concern. The lender has to follow specific procedures: they review the ROV request to make sure it has enough detail, send it to the appraiser with standardized written communication, and the appraiser must then analyze everything the borrower submitted and provide a revised report explaining their findings—whether they change the value or decide it should stay the same. Borrowers can submit one ROV per appraisal, and they can even cancel a request if they choose to, though lenders can also request their own reconsiderations of value separately from what borrowers ask for.
Straight from UAD 3.6/URAR, HUD/FHA Single Family Handbook 4000.1, Fannie Mae Selling Guide, Reconsideration of Value Guidance, and FHFA — nothing added.
ROV stands for "Reconsideration of Value"—it's a formal process where a borrower can ask an appraiser to take another look at their appraisal if they believe the value isn't accurate. When a borrower submits an ROV request, they're essentially saying "I think you valued this property too low," and they can provide additional information or market data to support their concern. The lender has to follow specific procedures: they review the ROV request to make sure it has enough detail, send it to the appraiser with standardized written communication, and the appraiser must then analyze everything the borrower submitted and provide a revised report explaining their findings—whether they change the value or decide it should stay the same. Borrowers can submit one ROV per appraisal, and they can even cancel a request if they choose to, though lenders can also request their own reconsiderations of value separately from what borrowers ask for.
Straight from UAD 3.6/URAR, HUD/FHA Single Family Handbook 4000.1, Fannie Mae Selling Guide, Reconsideration of Value Guidance, and FHFA — nothing added.
Read the actual documents:
→ Mortgagee Letter 2024-07: Appraisal Review and Reconsideration of Value Updates (official agency copy)
→ Selling Guide Supplement: UAD 3.6 Policy (official agency copy)
→ FHFA Announces Enterprise Reconsideration of Value Policies (2024-05-01) (official agency copy)
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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.
© Copyright Notice: © 2026 Fannie Mae. Excerpts shown for research and reference only. Full document available at selling-guide.fanniemae.com. Reproduction restricted to Fannie Mae-approved lenders.
Relevant News
Recent public coverage related to this topic — cited, not reproduced
Fannie Mae Announces ROV Policy Update (SEL-2025-07) and Freddie Mac Updates (Bulletin 2025-12)
Fannie Mae and Freddie Mac issued coordinated updates to reconsideration of value policies and terminology, retiring "appraisal waiver" in favor of "value acceptance" for consistent messaging.
Read full story at National Mortgage News →
Fannie Mae, Freddie Mac, and HUD Announce ROV Policy Updates
Fannie Mae, Freddie Mac, and HUD extended new policy requirements for lenders to respond to borrower-initiated ROV requests, with updated implementation dates following industry feedback.
Read full story at Federal Reserve / Interagency Guidance →
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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…
UAD 3.6 / URAR (FNMA) · Appendix F-1 URAR Reference Guide v1.3.pdf · Page 337
· View at official source (fanniemae.com/uad) →
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
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defined in the Mortgagee’s Quality Control (QC) Plan. Appraiser and Property Requirements for Title II Forward and Reverse Mortgages General Appraiser Requirements (II.D.2) e.…
HUD/FHA Single Family Handbook 4000.1 · Mortgagee_Letter_2024-07_Appraisal_Review_and_Reconsideration_of_Value_Updates.pdf · Page 9
· View at official source (HUD.gov — SFH Handbook 4000.1) →
· Last verified: 2026-09-30
defined in the Mortgagee’s Quality Control (QC) Plan. Appraiser and Property Requirements for Title II Forward and Reverse Mortgages General Appraiser Requirements (II.D.2) e. Underwriter Requests for a Reconsideration of Value In the event the underwriter requests a Reconsideration of Value (ROV) and provides additional information material to the value of the Property, the Appraiser must: • review all information and market data received from the underwriter; and • summarize the analysis of all information provided by the underwriter within a revised version of the appraisal report regardless of whether the Appraiser determines that changes are not needed to address the issues identified in the ROV. Paperwork Reduction Act The information collection requirements contained in this document have been approved
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Title II Insured Housing Programs Forward Mortgages Property Acceptability Criteria (II.A.3.a) ix. General Reconsideration of Value Requirements A Reconsideration of Value (ROV)…
HUD/FHA Single Family Handbook 4000.1 · Mortgagee_Letter_2024-07_Appraisal_Review_and_Reconsideration_of_Value_Updates.pdf · Page 5
· View at official source (HUD.gov — SFH Handbook 4000.1) →
· Last verified: 2026-09-30
Title II Insured Housing Programs Forward Mortgages Property Acceptability Criteria (II.A.3.a) ix. General Reconsideration of Value Requirements A Reconsideration of Value (ROV) refers to a request from the Mortgagee’s underwriter to the Appraiser to re-assess the appraisal report based upon information that may affect the value conclusion. The underwriter’s communication with the Appraiser must: • include a description of the area(s) in the appraisal report and all the additional information that require the Appraiser’s response; • provide detailed information, data, or relevant comparable sales as available; • only include relevant comparable sales as of the effective date of the appraisal; and • not include more than five alternative comparable sales. The Appraiser’s response must be included in a revised version