What is the procedure for requesting a reconsideration of value for an FHA appraisal?

The underwriter may request a reconsideration of value when the appraiser did not consider information that was relevant on the effective date of the appraisal. The underwriter must provide the appraiser with all relevant data that is necessary for a reconsideration of value.

The appraiser may charge an additional fee if the relevant data was not available on the effective date of the appraisal. If the unavailability of data is not the fault of the borrower, the borrower must not be held responsible for the additional costs. The effective date of the appraisal is the date the appraiser inspected the property.

For additional information see Handbook 4000.1 II.A.3.a.viii. at https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh

 

All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.


Topic Number: KA-02204