[This document may be used at the bank’s discretion in relation to the recent CFPB blog post on challenging inaccurate appraisals based on a prohibited basis.]
BANK OF SOMEWHERE maintains that accurate appraisals are essential to the integrity of mortgage lending. Overvaluation can decrease affordability, make it harder to sell a home or refinance, and increase the risk of foreclosure. Undervaluation can prevent a homeowner from accessing accumulated equity, whether through sale or a home equity loan. Both over- and under-valuation keep individuals, families, and neighborhoods from building wealth through homeownership.
Homebuyers and homeowners can ask BANK OF SOMEWHERE to reconsider a home valuation that it believes to be inaccurate. This process is often referred to as a “reconsideration of value” or “ROV.” Borrowers can point out, for example, factual or other errors or omissions, inadequate comparable properties, or provide evidence that the appraisal was influenced by prohibited bias.
BANK OF SOMEWHERE is providing this notice so that its borrowers have clear, actionable information about how to raise concerns about the accuracy of an appraisal. BANK OF SOMEWHERE’s reconsideration of value process will ensure that all borrowers have an opportunity to explain why they believe that a valuation is inaccurate and the benefit of a reconsideration to determine whether an adjustment is appropriate.
If you feel that a reconsideration of value “ROV” is necessary in regard to your application for credit, please contact BANK OF SOMEWHERE immediately at:
NAME/TITLE
ADDRESS
PHONE
