Section 27
Revision History
Appendix F-1, page 338
The Revision History section can be used to summarize material revisions after the appraisal was originally sent to the client to help identify what revisions and corrections were made.
Notes:
- A Borrower-Initiated Reconsideration of Value (ROV) must be documented in this section.
- This is not for tracking draft versions as the appraiser is writing the report.
Examples#
Example 1: Revision History Section without ROV#
Example 2: Revision History Section with ROV#
Revision History Table#
The Revision History Table displays when there are revisions to the report documented by the appraiser, including revisions caused by Borrower-Initiated ROVs.
Revision History
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| 27.000 | Revision Date | If applicable | mm/dd/yyyy | |
| 27.001 | URAR Section | If applicable | Choose an allowable answer from the Definition / Additional Guidance column | Assignment Information Certifications Cost Approach Disaster Mitigation Dwelling Exterior Energy Efficient and Green Features Functional Obsolescence Header and Footer Highest and Best Use Income Approach Manufactured Home Market Outbuilding Overall Quality and Condition Prior Sale and Transfer History Project Information Reconciliation Rental Information Sales Comparison Approach Sales Contract Site Sketch Subject Listing Information Subject Property Subject Property Amenities Supplemental Information Unit Interior Vehicle Storage |
| 27.002 | Description | If applicable | Free-form |
Reconsideration of Value#
The Reconsideration of Value subsection displays when there was a Borrower-Initiated Reconsideration of Value (ROV) request submitted to the appraiser on the original report. Reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance.
Reconsideration of Value
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| Not on Report | This is an appraiser input that does not display | Always required | Yes | No | Reconsideration of Value Indicator - Yes (There was a Borrower-Initiated ROV, and the Reconsideration of Value subsection is included in the URAR) - No (There has not been a Borrower-Initiated ROV, and the Reconsideration of Value subsection is not included in the URAR) |
Reconsideration of Value
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| 27.003 | Type | Required if Reconsideration of Value Indicator is Yes | Borrower-Initiated | Reconsideration of Value Type |
| 27.004 | Date | Required if Reconsideration of Value Indicator is Yes | mm/dd/yyyy | Reconsideration of Value Result Date The date the appraiser completed the ROV. Note: When an ROV occurs, the Date of Signature and Report (29.066) must be updated to reflect the date of the changes. |
| 27.005 | Result | Required if Reconsideration of Value Indicator is Yes | Choose an allowable answer from the Definition / Additional Guidance column | Reconsideration of Value Result Indicates whether the ROV request resulted in a change to the Opinion of Market Value (26.007). - No Value Change - Value Change |
| 27.006 | Reconsideration of Value Commentary | Required if Reconsideration of Value Indicator is Yes | Free-form | Provide commentary summarizing the outcome of the ROV. Note: Specific changes to the URAR are detailed in the Revision History Table (27.000 - 27.002). |