determine the CURRENT FHA Reconsideration of Value (ROV) process for appraisals

Steps

1. Check HUD's Mortgagee Letters page (hud.gov, HUDCLIPS Mortgagee Letters) for the most recent ML addressing appraisal review and Reconsideration of Value policy before relying on any specific ML number — FHA appraisal/ROV guidance has changed multiple times since 2021.
2. Confirm that ML 2025-08 (issued March 19, 2025, 'Rescinding Multiple Appraisal Policy Related Mortgagee Letters,' effective immediately) is controlling: it rescinded ML 2024-07 (Appraisal Review and Reconsideration of Value Updates), ML 2024-16 (extension of ML 2024-07's effective date), and ML 2021-27 (Appraisal Fair Housing Compliance and Updated General Appraiser Requirements), restoring the prior Handbook 4000.1 language.
3. Apply the restored (pre-2024) Reconsideration of Value provision: the underwriter may request an ROV when the appraiser did not consider information relevant as of the appraisal's effective date, and the underwriter must provide the appraiser all relevant data necessary for the reconsideration.
4. Note that FHA no longer has a distinct borrower-initiated ROV procedure, minimum response-time protocol, or Mortgagee Quality Control Plan requirement tied to ROVs — those elements were introduced by ML 2024-07 and were rescinded, reverting FHA to a general, GSE-aligned appraisal-review-based ROV process.
5. Watch for incorporation of these changes into a future update of HUD Handbook 4000.1 (FHA Single Family Housing Policy Handbook), which HUD stated would follow ML 2025-08.
6. Treat this description as current only as of July 2026 and re-verify on hud.gov before acting, since a newer Mortgagee Letter could further modify the ROV process.