This Appraisal Reconsideration of Value Policy (the “ROV Policy”) outlines the procedures and guidelines that Integrity Mortgage Group (the “Company”) follows when considering a request for reconsideration of the appraised value for mortgage lending purposes. The Company is committed to ensuring the accuracy and fairness of property appraisals while adhering to applicable regulatory requirements. Integrity Mortgage Gorup takes its role in ensuring fair and responsible lending very seriously and does not tolerate bias or discrimination in any aspect of a loan origination process. The Fair Housing Act does not permit any form of discrimination on the basis of the applicant’s race, color, national origin, religion, sex (including gender identity or sexual orientation), marital status, military status, or disability. In addition, the Equal Credit Opportunity Act further protects applicants on the basis of their age, or receipt of public assistance.
A Reconsideration of Value is a request made by a borrower for the appraiser to reevaluate the analysis and conclusions of the initial appraisal using additional information provided by the borrower that is believed to be relevant to the appraiser’s value determination.
The purpose of this Policy is to establish a standardized process for borrowers to request a reconsideration of the appraised value when they believe that the initial valuation may not accurately reflect the market value of the subject property.
This Policy applies to all residential mortgage loans originated, underwritten, or serviced by the Company. It covers requests for appraisal reconsideration during the loan origination and underwriting process.
Policy Guidelines:
1. Request for Reconsideration:
– Borrowers may request an appraisal reconsideration by submitting a written request along with supporting documentation to appraisaldesk@integritymtgs.com within 10 days of receiving the initial appraisal report. Every consumer is entitled to the right to submit this request regardless of whether any party involved in the transaction believes a change of value will occur.
– Requests must include specific reasons and evidence supporting the contention that the appraised value is inaccurate.
2. Initial Review:
– Upon receiving a request for appraisal reconsideration, the Company will perform an initial review to determine if the request meets the basic requirements outlined in this policy. In some cases, depending on the loan type, the company’s underwriter must review all Borrower Requests for review of appraisal Results. The underwriter must review the appraisal in accordance with the requirements for Appraisal Review and Quality of Appraisal (II.A.3.a.v.).
– If the request is incomplete or lacks substantive evidence, the Company may request additional information from the borrower. Provided that the Form is acceptable, the Company’s Appraisal Desk will submit the ROV request to the appraiser.
The appraiser will consider each element of the request and may agree or disagree that an adjustment or correction to the report is appropriate. The appraiser is an independent valuation professional who will determine whether or not the appraisal report warrants a change and cannot be directed by anyone in accordance with Appraisal Independence Requirements. If the borrower’s appraised value comes in lower than expected based on the contract price, this doesn’t necessarily mean the appraisal is flawed or that a second appraisal would result in a higher appraised value. Appraisers are required to abide by USPAP standards, which could limit their ability to consider certain facts or information provided, therefore, the appraiser may not revise the valuation if it conflicts with the regulations and standards that govern the appraisal industry.
5. Decision and Notification:
– Once the appraiser addresses the items or elements indicated by the consumer, the loan officer will communicate the outcome of the reconsideration of value to the consumer.
6. Compliance and Record Keeping:
– The Company will maintain records of all appraisal reconsideration requests, decisions, and related communications as required by applicable laws and regulations.
7. Training and Communication:
– The Company will provide training to its employees, including loan officers, underwriters, and appraisal desk staff, regarding this Policy and its procedures. This policy may be reviewed periodically and updated as necessary to ensure compliance with changing regulatory requirements and industry best practices.
Guidelines for Written Request for ROV Policy:
A realtor and/or websites like Redfin, Zillow, Realtor.com etc… are allowed to be utilized for research for the written request provided that they are accurate and meet the requirements of the general guidelines below:
- Comparables considered are required to be closed sales, meaning an appraiser cannot utilize a property listing or contingent sale as a comparable.
- Comparables should represent recent sales in the market, typically closed within the last 6 to 12 months. The best and most appropriate comparable sales may not be the most recent. An appraiser may utilize a time adjustment depending on when the sale took place relative to changes to the market.
- Comparable sales should be within close proximity to the subject property and ideally located in the same geographic neighborhood. For instance, if the property is located in a sub-division, the best comparables are the recent sales of similar homes in the same subdivision. If proximate comparables are not available due to a shortage of truly comparable sales, the appraiser may select comparables from competitive neighborhoods provided that the appraiser provides analysis and commentary on why comparable sales in a competitive neighborhood were most appropriate.
- Comparable sales should have similar physical characteristics (e.g. similar room count, gross living area (GLA), style (e.g. ranch, split level), and condition). This does not mean the comparable must be identical to the subject property, rather it should appeal to the same market participants who would also consider purchasing the subject property. The appraiser may make adjustments for dissimilar characteristics such as GLA, room or bathroom count, condition, etc.
Appraiser Independence Requirements
The Appraiser Independence Requirements prohibit anyone from influencing or trying to influence an appraiser’s value conclusion through coercion, collusion, compensation or intimidation.
To avoid any appearance of influence please review the following prior to the written request submission:
-Do not mention desired or conclusive market valuation.
-Do not provide a prior appraisal report; however, any comparables meeting the general guidelines outlined above can be included.
-Avoid the use of any derogatory comments and profane language. This process is designed to be a respectful standardized process to submit a ROV.
We may ask to resubmit the ROV Request Form if these guidelines are not followed.
For a Conventional appraisal converted to an FHA appraisal, the appraisal must adhere to the FHA Minimum Property Requirements (MPR) and Minimum Property Standards (MPS) and must be an FHA Approved Appraiser.
For an FHA loan appraisal that is later converted to a conventional loan, the converted appraisal report must be uploaded to the UCDP as per the requirements.
This does not apply to VA loans, since the VA assigns the property appraiser.
Your privacy is very important to us. Accordingly, we have developed this Policy in order for you to understand how we collect, use, communicate and disclose and make use of personal information.
Before or at the time of collecting personal information, we will identify the purposes for which information is being collected.
- We will collect and use of personal information solely with the objective of fulfilling those purposes specified by us and for other compatible purposes, unless we obtain the consent of the individual concerned or as required by law.
- We will only retain personal information as long as necessary for the fulfillment of those purposes.
- We will collect personal information by lawful and fair means and, where appropriate, with the knowledge or consent of the individual concerned.
- Personal data should be relevant to the purposes for which it is to be used, and, to the extent necessary for those purposes, should be accurate, complete, and up-to-date.
- We will protect personal information by reasonable security safeguards against loss or theft, as well as unauthorized access, disclosure, copying, use or modification.
- We will make readily available to customers information about our policies and practices relating to the management of personal information.
Marketing (Email, Phone, Text)
By providing your mobile number, you agree to receive marketing text messages and promotional messages at the mobile number provided that may be sent using an automated system. Message and data rates may apply. Message frequency varies. Reply STOP to cancel or opt out at any time. All personal and contact information will be protected and will not be sold to third parties.
We are committed to conducting our business in accordance with these principles in order to ensure that the confidentiality of personal information is protected and maintained.
This short outline included important aspects of our privacy policy. To review our entire privacy policy, email us at the address on our home page.
These materials are not from HUD, FHA, the USDA, or the VA. These materials were not approved by any government agency. They are independent of any government agency. We are not in any way affiliated with any organization listed or referenced within this website, including HUD/FHA/USDA/VA. The inclusion of various education, information, web links, or materials are not an endorsement of the Sender or any of its employees or business partners.
For information directly from HUD/FHA, visit http://www.hudclips.com
For information directly from the VA, visit http://www.benefits.va.gov/HOMELOANS/
For information directly from the USDA, visit http://www.usda.gov/wps/portal/usda/usdahome?navid=GRANTS_LOANS
It is the policy of our company to respond to customer complaints, disputes and issues immediately, to take each complaint seriously, to investigate each complaint however small it is – immediately and to take remedial actions swiftly.
As soon as a complaint is received, it is documented and is logged into a special log. The complaint is sent directly to the Customer Complaint Officer or his designate, in order to take action.
All complaints and records of complaints are kept in a special complaints binder along with all the Customer Complaint Officer’s Quality Control Files and other written policies so employees can easily access them and use them to provide better customer service. Reports on complaints are reviewed during the Customer Complaint Officer’s meetings with our Board. We are focused on providing financial products and services to all customers in compliance with all Federal and State regulatory policies including but not limited to consumer protection, fair lending and civil rights laws. For more information, contact us at the number on the Home Page.
Pursuant of the requirements of section 157.007 of the mortgage banker registration and residential mortgage loan originator act, chapter 157, Texas finance code, you are hereby notified of the following:
Consumers wishing to file a complaint against a mortgage banker or a licensed mortgage banker residential mortgage loan originator should complete, sign and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be downloaded and printed from the department’s website at www.sml.texas.gov. a toll-free consumer hotline is available at 1-877-276-5550.
The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim.
For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.
Wolfe Financial, Inc, dba Integrity Mortgage Group is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status or age.
Wolfe Financial, Inc, dba Integrity Mortgage Group is registered in the Nationwide Mortgage Licensing System (69371) and licensed in the following states. Alabama Consumer Credit License (MC-21398), Georgia Mortgage Lender License (23886), Indiana-DFI First Lien Mortgage Lending License (11108), Kentucky Mortgage Company License (MC76987), Louisiana Residential Mortgage Lending License (69371), North Carolina Mortgage Branch License (L-145206), South Carolina BFI Mortgage Lender/Servicer License (MLS-69371 OTN #1 ), Tennessee Mortgage License (112265), Texas – SML Mortgage Banker Registration (82400). Click here to see NMLS record.