To request a reconsideration of value, please submit a Reconsideration of Value Form, brokers should first contact the lender to see if there is a specific process in place.
The content of the reconsideration of value should be limited to objective factual error(s) which require correction, any additional relevant information about the subject property or concern, and up to 3 additional suggested sales for the appraiser to consider. It is preferable to have commentary accompanying the sales indicating why they should be considered.
After being screened for AIR compliance, requests are passed on to the appraiser. Any inappropriate requests are either amended, or sent back to the client/broker to amend, prior to forwarding to the appraiser to address (examples of inappropriate language include target values, adjustment amount targets, insulting or abrasive language).
When the revised report is received, the QC audit will review the report to ensure all items requested in the reconsideration of value have been addressed by the appraiser in a complete, thoughtful, and professional manner. Value changes must include a comment in the report specifically indicating why the value has been changed. Once audited, the report is delivered back to the client/broker.