How Long Does a Reconsideration of Value Take?

The week I submitted my first ROV, I checked my email about forty times a day. I had no idea what the timeline looked like. Nobody had told me whether to expect a response in two days or two months.

Here is what I have learned since then about how long this process actually takes.

The Typical Timeline

Most reconsideration of value requests take between five and fifteen business days from submission to response. That is the range most homeowners experience when working with a conventional lender. The variation depends on how busy the appraisal management company is, how complex your ROV is, and how quickly the lender passes it along.

Fannie Mae updated its ROV guidelines in 2022 and now requires lenders to have a formal ROV process with clear timelines. Your lender should be able to tell you their specific policy when you ask.

What Happens After You Submit

When you submit your ROV through your lender, the lender forwards it to the appraisal management company. The AMC then sends it to the original appraiser. The appraiser is required to review your evidence and respond in writing to each point you raised.

If the appraiser agrees with your evidence, they issue a revised appraisal with an updated value. If they do not agree, they must explain why in writing. Either way, you get a written response.

What Can Slow It Down

A few things can extend the timeline. If your ROV is vague or does not include specific evidence, the AMC may send it back for more information. If the appraiser is handling a high volume of work, the turnaround can stretch toward the longer end. If your lender has a slow internal process for forwarding ROVs, that adds time too.

The best way to move things along is to submit a clear, specific ROV on the first try. Include the comparable sales you want considered, with addresses, sale dates, and prices. The less back-and-forth, the faster the process.

If You Are in a Time Crunch

If your loan has a closing deadline and you need the appraisal resolved quickly, tell your loan officer upfront. Ask them to flag the ROV as time-sensitive and confirm when they will send it to the AMC. Keep a record of when you submitted and when you follow up.

If the ROV process runs past your deadline, you may have options: an extension, a different lender, or renegotiating with the seller. Your loan officer should walk you through those.

If you want to submit your ROV quickly and correctly the first time, worthmore.ai helps you put it together in about twenty minutes. Getting it right the first time is the fastest path through the process.