With the August 29 deadline for compliance with the new ROV policy from Fannie, Freddie, HUD and FHA rapidly approaching,?we're excited to announce ROV Assist (https://lnkd.in/g5ExxFiN). Building on all of HomeVision's core functionality around ensuring that appraisals meet lender and regulatory standards, ROV Assist provides a single interface for managing, reviewing and completing ROV requests.
ROV Assist takes the information from the borrower's ROV request and helps your reviewer quickly determine if the request is well-supported and any suggested transactions are appropriate comparables for the subject property. If everything looks good, it helps the reviewer construct a professional, AIR-compliant request to the appraiser.
Once the appraiser returns an updated version of the appraisal, ROV Assist shows your reviewer exactly what changed at a glance, including any updates to the comps and commentary left by the appraiser about their analysis of the ROV request. It also runs HomeVision's suite of potential bias checks, ensuring that nothing was added to the appraisal that might conflict with fair lending and fair housing practices.
After a review of the updated appraisal, ROV Assist helps to generate a message to the borrower that lets them know the outcome. This communication, along with communications to the appraiser, are retained indefinitely per the new ROV policy's requirement.
ROV Assist is not only the easiest way to stay compliant with the new ROV policy, it also ensures that your handling of ROV requests is consistent and efficient.?For more information, head over to our ROV Assist page (https://lnkd.in/g5ExxFiN). We'd love to show you a demo - just shoot us an email at?[email protected]?or?fill out our contact form (https://lnkd.in/gSrQXjZE)?to set one up.