Reconsideration of Value (ROV) for appraisals

An appraisal is conducted to assist lenders, including U.S. Bank, in making a lending decision. If an appraisal is performed, you will be provided a copy of the appraisal or valuation report in accordance with regulatory requirements.

We are committed to ensuring an accurate and fair appraisal process, free from discrimination and bias and we take steps to ensure the appraisal valuation is factually accurate before it is sent you. You should review the appraisal report and contact your loan officer or banker if you have any questions or concerns about the appraisal process or the reliability or credibility of the appraisal. For example, you can contact your loan officer or banker if:

• You think the appraisal report may have errors or factual inaccuracies that could impact the appraised value
  
• You think the comparable sales selected may not be the most suitable for the property comparisons and can provide other comparable sales to be considered
• You think your race, ethnicity, gender, age, or other personal characteristics may have improperly influenced the appraised value
• You think race, ethnicity, or other demographics of the neighborhood where the property is located may have improperly influenced the appraised value

You can also speak with your loan officer or banker about the possibility of changing the type of valuation that was performed. For example, changing from a drive-by appraisal to a full appraisal.

If you have concerns with the appraisal, your loan officer or banker will discuss the process to relook at the value, referred to as a “Reconsideration of Value” or “ROV.” The first step is to work with your loan officer or banker to submit information necessary to complete the ROV request. For example, you may submit:

• Description of inconsistencies in the report, math errors, property misrepresentations, or factual errors (along with any supporting documentation)
• Other comparable closed sales which appear to be potentially more suitable than the comparable properties used in the appraisal report
• Past or current appraisal reports on the property

Your information will be submitted for review by an independent quality assurance team and evaluated objectively. Your loan officer or banker will communicate with you after the review is complete.

It is important to note that the ROV process is not intended to change the value because someone is dissatisfied with the appraisal conclusions or outcome. However, if there are any issues with the reliability or credibility – including any evidence of discrimination or bias – the appraisal value may be reconsidered or a new appraisal report may be ordered.