In a significant move towards fairness and transparency in the housing market, the U.S. Department of Housing and Urban Development (HUD) and the government-sponsored enterprises (GSEs) have introduced new reconsideration of value (ROV) guidelines. Announced on May 1, 2024, these updates enable borrowers to request reassessments of their property’s appraised value if they suspect inaccuracies or biases. The new HUD policy (HUD No. 24-096), effective September 2, 2024, and updates from Fannie Mae® (SEL-2024-03, B4-1.3-12) and Freddie Mac® (Bulletin 2024-6), effective August 29, 2024, establish clear frameworks for lenders to handle borrower initiated ROV requests.
