Within the General Settings of a division, lenders can upload a standard Borrower ROV Disclosure letter that will automatically be sent to the borrower upon delivery of the appraisal report. Utilizing this feature in tandem with the Automatically Send Appraisal to Borrower setting ensures that the disclosure letter will always be sent as opposed to manually sending the document on a per order basis.
DISCLAIMER: Appraisal FirewallX provides the attached sample disclosure and sample ROV Disclosure for informational purposes only and we take no responsibility for compliance with applicable law. Your team shall be responsible for approving the attached ROV Disclosure and uploading it to your account or providing to your borrower directly. Though we do not take responsibility for updating the documents over time if requirements change, we will do our best to inform lenders of any changes to the ROV requirements that might require updating the disclosures.
To enable and upload a Borrower ROV Disclosure letter, select Edit Settings from your Divisions tab, and expand the General section.
Scroll to the Completing Orders section. Enable Borrower ROV Disclosure.
Upload your organization's letter via the +Add Attachment or Drag Files(s) Here section. An example of an ROV Disclosure letter has been included at the end of this article. Once the file has been uploaded, the name of the file will be present. This is to ensure you have the proper document added.
To remove the disclosure letter, select the 'X' adjacent to the file name. This will remove the current document and allow a new letter to be added.
Once the setting and letter has been applied, select SAVE to retain the changes. Upon saving, the file name of the ROV disclosure letter will reflect Current Borrower ROV Disclosure.
For more information on how borrowers can request an ROV, please see our Borrower Initiated Reconsideration of Value (ROV) Process article.