ROV Assist

Providing end-to-end management of reconsideration of value requests, ROV Assist ensures they are handled efficiently and consistently.

Background

Fannie and Freddie’s
ROV policy is here

In a push to increase fairness and visibility in the market, Fannie and Freddie have released a new Reconsideration of Value policy that goes into effect on August 29, 2024.
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It requires all lenders to:

ROV Assist provides a single tool for reviewing and managing ROV requests, ensuring that reviewers use a consistent process and standardized communication templates, and all communications are retained indefinitely. It is the simplest way to ensure compliance with Fannie and Freddie’s ROV policy, and it can be rolled out in a matter of days.

Everything your reviewers need in one place

ROV Assist centralizes all of the information needed to review an ROV request into one easy-to-use product that guides your reviewers step-by-step.

Collect

It begins by collecting everything you need to process the request - the requestor’s feedback and suggested alternative transactions for the appraiser to review, as well as a copy of the appraisal documents in XML, PDF or ENV format.

Review

The next step is an automated review of the appraisal documents that identifies potential issues ranging from incomplete or inaccurate information to biased language to MLS photos and highlights them for your reviewer.

Evaluate

Next comes a check of the appraised value and similarity of the appraisal comps against an industry-leading AVM to give you peace of mind that the value is well supported or a clear indication that it needs to be investigated.

Respond

Once the review is complete, ROV Assist provides templates for drafting responses to appraisers or ROV requestors, ensuring that communications are clear and consistent.

See the full power of HomeVision

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Start with a fully
automated review

Every ROV request we process begins with a thorough review by MIRA, our AI-powered QC solution. It checks all aspects of the appraisal, including the main forms, photos, sketches, and addenda.

MIRA is able to identify a range of issues - missing values, information that does not match public records and even potentially biased language. It checks photos for problems like people or political signs, but it also finds positive features like solar panels and checks to make sure the appraiser attributed value to them in the report. It even reads the dimensions in the sketch and does the math to ensure they match the listed square footage.

All of this happens before your reviewer lays eyes on the document, and every potential issue is flagged for them, ensuring that their time is spent focusing on the things that matter.

Tools to review value at your fingertips

ROV Assist integrates an industry-leading AVM to give your reviewers the context they need to immediately understand whether the appraised value is reasonable and well supported. 

It not only analyzes the value of the subject property, but also checks the key attributes of all of the appraisal comps to determine how similar they are to the subject. If they differ significantly along important dimensions like age, number of rooms or condition, that will be highlighted to your reviewer for further investigation.

Close the loop with integrated
communications

Communicating the results of your ROV review is sensitive. Appraisers need the context of the review while understanding that the independence of their work is being respected. Borrowers need to know the outcome of their ROV, but delivering a result that isn’t what they were hoping for requires sensitivity.

ROV Assist provides customizable templates to ensure that all of your reviewers are communicating consistently, professionally and with all of the relevant information. All of the information that they have gathered during the review process is available as they compose their notes, and upon completion, HomeVision generates a PDF to be sent to the appraiser or ROV requestor.

Get started today

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