On August 15, 2024, DocMagic began providing a new Reconsideration of Value Disclosure (Form ID: ROVD.MSC) in application, appraisal, and initial disclosure packages for all FHA-guaranteed and conventional loans. In addition, a separate Reconsideration of Value Request Form (Form ID: ROVRF.MSC) was made available for customers to add upon request.
The Federal Housing Administration (“FHA”) and the Federal Housing Finance Agency (“FHFA”) both published new policies requiring a Reconsideration of Value (“ROV”) disclosure on May 1, 2024, as previously discussed here. Initially, FHA made the new policies mandatory for FHA-guaranteed loans with case numbers assigned on or after September 2, 2024. FHFA announced that Fannie Mae and Freddie Mac made the new policies effective for loan applications dated on or after August 29, 2024.
After considering industry feedback regarding implementation of the new ROV policies, FHA, Fannie Mae, and Freddie Mac published updates on August 6, 2024, to announce that the mandatory implementation date has been pushed back to October 31, 2024. Lenders are still encouraged to implement ROV provisions ahead of the mandatory effective date.
DocMagic released the ROV disclosures on our originally planned implementation date of August 15, 2024, for all FHA-guaranteed and conventional loans. For clients that chose to delay the use of the new ROV disclosure by not accepting the August 15th implementation of the disclosure form, DocMagic wants to remind you of the new October 31, 2024, mandatory effective date. Please contact DocMagic’s Customer Service for any questions or to request an update to account settings, including to request inclusion of the disclosure form for applications as of October 31st.
