Coast 2 Coast Funding Group, Inc. - Mortgage Lender

Please review this document prior to completing a Reconsideration of Value Form.

What is an appraisal?

An appraisal is a report completed by a state-licensed individual that provides the appraiser's professional opinion of current market value as of the date of the report. It considers many factors, especially what other comparable homes sold for recently.

What is a reconsideration of Value?

A Reconsideration of Value (ROV) is a request made to the appraiser to reevaluate the analysis and conclusions of the initial appraisal using new information that the borrower believes is relevant to the appraiser's value determination. You have the right to request a Reconsideration of Value (ROV) if after reviewing the appraisal report you have evidence that the appraised value is unsupported, inaccurate, or the appraisal report contains prohibited discriminatory language.

There are three primary reasons why an ROV may be warranted, and more than one reason may be applicable.

Factual Errors within the Appraisal Report

If there are errors in the appraisal report it may negatively impact the appraised value. Examples of such errors include incorrect Gross Living Area (GLA), # of bedrooms, # of bathrooms, options, and upgrades. If there are factual errors in the report, please provide specific details on which data is incorrect. Note that minor deviations in GLA are not uncommon. The appraiser's measurements may differ from Coast 2 Coast Funding Group, Inc.'s and thus the GLA calculations will be different.

Additional Comparable Sales

Appraisers use recent sales of homes with comparable characteristics and that are located near the subject to help determine the appraised value. The appraiser is responsible for selecting which comparable sales are most reflective of the current market value of the subject property. However, there may be other comparable sales that the appraiser did not use that may help in determining the subject's appraised value.

For an appraiser to use a new comparable sale:

The comparable must be a sale that closed prior to the appraisal effective date. The effective date is found next to the appraised value on the report.
Comparable sales should generally be recent sales, though older sales from 6 to 12 months may still be appropriate if the more recent sales do not have as many similar characteristics as the subject.
The comparable should have similar characteristics (GLA, # bedrooms, # bathrooms, age and other features as the subject). The comparable does not need to be identical to the subject, but the more similar features the better.
The comparable should be geographically near the subject. Ideally, the comparable is in the same community or in a nearby, competing community.

Potential Appraiser Bias or Discrimination

The Fair Housing Act does not permit any form of discrimination on the basis of the applicant's race, color, national origin, religion, sex (including gender identity or sexual orientation), marital status, military status, or disability. In addition, the Equal Credit Opportunity Act further protects applicants on the basis of their age, or receipt of public assistance. Should you have any concerns that your appraisal was in any way impacted by appraiser bias or discrimination, please provide those details in your ROV Request Form.

Appraiser Independence Requirements

The Appraiser Independence Requirements prohibit anyone from influencing or trying to influence an appraiser's value opinion through coercion, collusion, compensation or intimidation. To avoid any appearance of influence please:

Do not give your value opinion or provide an expected range of values.
Do not provide a prior appraisal report; however, you may include comparable sales from that report if they are still timely.
Please be respectful in providing your concerns about the appraisal.
We may ask you to resubmit the ROV Request Form if these guidelines are not followed.

Please send your completed ROV Request Form and any supporting documentation via e-mail to info@coast2coastfundinggroup.com or via standard mail to:

Coast 2 Coast Funding Group, Inc.

Attn: Borrower (ROV) Reconsideration of Value

1 Orchard Road, Suite 235

Lake Forest, CA 92630

Once received, Coast 2 Coast Funding Group, Inc.'s appraisal department will review your ROV to ensure it is completed correctly, provides sufficient information for the appraiser to consider, and does not violate Appraiser Independence Requirements. If the form is acceptable, Coast 2 Coast Funding Group, Inc. will forward it to the appraiser for reconsideration. If the form is not acceptable, we will contact you and let you know why the form was deficient. You may be able to correct the deficiencies, and we will reevaluate the ROV request.

Appraisers will typically respond to the ROV requests within 5 business days. The appraiser may or may not make any changes to the appraised value after evaluating the ROV, Coast 2 Coast Funding Group, Inc. will notify you once we have received the appraiser's response. Only one ROV may be submitted per appraisal.

If you have any questions about the Borrower ROV process, please e-mail us at info@coast2coastfundinggroup.com