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What is an ROV form?

As part of your mortgage application process, we are required to provide you with information regarding the Reconsideration of Value (ROV) process. This process allows you, the borrower, to request a reconsideration of the appraised value of the property you are financing under certain circumstances.

What does ROV stand for?

A remotely operated vehicle (ROV) is an unoccupied underwater robot that is connected to a ship by a series of cables. These cables transmit command and control signals between the operator and the ROV, allowing remote navigation of the vehicle.

What is the ROV procedure?

Remotely Operated Vehicles (ROVs) are tethered, unmanned, submersible devices used for a wide range of activities, including underwater General Visual Inspection (GVI) of offshore structures, such as hydrocarbon production platforms, drilling rigs, windfarms, bridges, and turbines.

What does ROV mean in mortgage terms?

An ROV is a way to request an appraiser reassess their appraisal using additional information that may affect their value conclusion. Simply complete the ROV Request Form and include the information, data, comparable sales, or evidence of bias or discrimination that you believe will impact the value conclusion.