What is a reconsideration of value (ROV) and how does it work?

An ROV is a request to look again, not a vote

A reconsideration of value is the official way to say "I think this appraisal missed something" without calling the appraiser at 9 p.m. It is a written request that goes from you to your lender, and from the lender to the appraiser.

The key word is evidence. An ROV works when it points to a fact: the square footage is wrong, a bathroom was left out, or a better sale down the street was never considered. It does not work when it says "we offered more than this, so it must be worth more." The contract price is one buyer and one seller. The appraisal is supposed to reflect the whole market.

Fannie Mae published its standardized borrower ROV policy on May 1, 2024, and Freddie Mac issued matching guidance. According to a summary from the law firm Ballard Spahr, lenders had to put those policies in place for loans with applications dated on or after August 29, 2024. FHA had its own version under HUD Mortgagee Letter 2024-07, but HUD rescinded it on March 19, 2025, in Mortgagee Letter 2025-08. FHA borrowers can still ask their lender for an ROV. The lender sets the steps.

How the process works, step by step

Under the Fannie Mae and Freddie Mac rules, the basic path looks like this:

1. The lender tells you how. Lenders must give borrowers a disclosure explaining the ROV process and how to submit a request. Fannie Mae says this comes at application and again when the appraisal is delivered to you.
2. The lender reviews the appraisal first. The lender has to finish its own appraisal review before starting an ROV.
3. You submit your request in writing. You identify what you think is unsupported, inaccurate or deficient, and you can include up to five alternative comparable sales with their data sources.
4. The lender checks your support. Fannie Mae requires the lender to confirm the request has enough support before sending it on. Freddie Mac says if the request is unclear or incomplete, the lender should work with you to fix it.
5. The appraiser reviews it. The appraiser must analyze whether your information is relevant.
6. A revised report comes back. The appraiser delivers a revised report with commentary on the outcome, whether the value changes or not.

The rules that trip people up

A few limits catch borrowers off guard, so know them before you start:

• One shot. Fannie Mae and Freddie Mac allow one borrower-initiated ROV per appraisal. Put your best case in the first request.
• Before closing only. Once the loan closes, an ROV on that appraisal is no longer allowed.
• Five comps, max. You can offer up to five alternative sales. Sending fifteen does not make your case three times stronger. It makes it harder to read.
• Through the lender. Chase, for example, tells customers not to contact the appraiser directly about the contents or results. The lender is the channel.
• Loan type matters. These are Fannie Mae and Freddie Mac rules. FHA's matching rules were rescinded in March 2025, so FHA, jumbo and private lenders can each have their own policies. Ask yours.

Think of it like a replay review in sports. The ref will look at the tape. The ref will not look at your feelings about the tape.

What I see in the field

I have been on the appraiser side of these requests for a long time, and the good ones all look alike. They are short, polite and specific. They name the exact error and show where the correct data comes from.

The weak ones look alike too. They list every sale within two miles, including the one with the pool, the view and the guest house. Or they include a Zestimate, which is about as persuasive to an appraiser as a horoscope.

When a request points out that I missed a closed sale that is truly similar, I owe it a real look. Sometimes it changes the value. Sometimes it confirms the value, because that sale had features the subject does not. Either way, the revised report has to explain why. That is how it should work. Reports should teach the market, and an ROV response is a chance to show my math.

I would rather fix a real mistake than defend it. Most appraisers I know feel the same way.

What to do if your appraisal came in low

1. Get the full report and read every page, not only the value.
2. Check the facts first: square footage, bedrooms, bathrooms, lot size, garage, pool, ADU, condition and listed upgrades.
3. Ask your agent for closed sales that are close, recent and truly similar. Pick the best five or fewer.
4. Write down why each sale matters in one or two sentences, with its MLS number or other source.
5. Ask your lender for its ROV form and timeline, and submit through the lender.
6. Plan for either answer. The value may stay the same. Talk with your agent about renegotiating, covering the gap or other options while you wait.

What an ROV cannot do

An ROV is not a do-over appraisal on demand. Freddie Mac's rules say a lender must not order a second appraisal unless there are signs the first was inaccurate or not credible, it is part of a set quality control process, or the law requires it. If more than one appraisal exists, the lender must use the most credible one, not the highest one.

An ROV also does not override appraiser independence. Fannie Mae states plainly that its ROV policy does not change its Appraiser Independence Requirements. You can present facts. You cannot ask for a target number.

Handled well, though, an ROV is a fair tool. It gives you a formal, documented way to correct real mistakes, and the appraiser has to answer in writing.