New appraisal guidelines to address potential bias
New policies by the FHA and FHFA to address potential bias in home appraisals.
The new Reconsideration of Value (ROV) policy will allow borrowers to challenge property appraisals if they believe they are inaccurate or biased. The policies also require lenders to disclose to borrowers that they may request an ROV and provide instructions for the process. The aim is to root out racial and ethnic bias in home valuations to give borrowers greater ability to have their home valuation reconsidered.
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