Earlier this week, NAR joined a coalition letter to the Consumer Financial Protection Bureau (CFPB) and bank regulators urging them to consider benefits of certain aspects of the Veteran Affairs’ (VA) Tidewater process for reconsiderations of value (ROVs).
NAR’s ROV policy recommends regulators adopt the limitations in Tidewater that focus reconsiderations on bona fide issues, such as missing data or comparables and sets limits around those. It also emphasizes communication between appraisers and consumers in advance of the final report.
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