Reconsideration of Value (ROV) Best Practices

Banks, community organizations, civil rights groups, and industry trade groups, as described below, have developed a Reconsideration of Value (ROV) Best Practices paper. The paper was prepared through a collaborative research approach by inviting experts from a range of backgrounds, agencies, and organizations to provide valuable perspectives on the ROV process. Experts included representatives from the U.S. Department of Housing and Urban Development, U.S. Department of Veterans Affairs, the Appraisal Foundation, the American Bankers Association, Freddie Mac, Fannie Mae, U.S. Department of Housing and Urban Development, National Consumer Law Center, Appraisal Institute, and Mortgage Bankers Association.  This diverse experts group, along with other participants of the Office of the Comptroller of the Currency’s (OCC) Project REACh, contributed to a comprehensive understanding of the need, concerns, and common issues surrounding the ROV process. Their collective input reflected the conditions within the broader industry, resulting in a well-rounded approach to developing these ROV best practices.

This collaboration was facilitated by Project REACh, which the OCC launched in July 2020 to promote financial inclusion through greater access to credit and capital by bringing together leaders from banking, business, technology, and national civil rights organizations to reduce specific barriers that prevent full, equal, and fair participation in the nation’s economy. Participants in the Project REACh Affordable Homeownership Workstream worked together to develop the Reconsideration of Value Best Practices paper. References to the OCC and Project REACh do not constitute an endorsement, recommendation, or favoring of the American Bankers Association, its members, or any Project REACh member or their actions by the OCC. The views expressed in this ROV paper are those of the Affordable Homeownership Workstream participants, and do not necessarily reflect the views of the OCC or the U.S. government. Financial institutions are responsible for ensuring that their appraisal practices are consistent with safety and soundness, compliant with applicable laws and regulations, and protective of consumers’ rights, as applicable.