{"id":1011,"date":"2021-07-12T10:16:50","date_gmt":"2021-07-12T10:16:50","guid":{"rendered":"https:\/\/classvaluation.wpengine.com\/?page_id=1011"},"modified":"2024-09-20T06:47:03","modified_gmt":"2024-09-20T06:47:03","slug":"faq","status":"publish","type":"page","link":"https:\/\/www.classvaluation.com\/faq\/","title":{"rendered":"FAQ"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1011\" class=\"elementor elementor-1011\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d5d104f animated-fast e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"d5d104f\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeIn&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-4d2b280 e-con-full e-flex e-con e-child\" data-id=\"4d2b280\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-06b4e33 elementor-icon-list--layout-inline elementor-tablet-align-start elementor-mobile-align-center elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"06b4e33\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items elementor-inline-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"icon icon-class-valuation---angle-ico\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\"><\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-81d00b9 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"81d00b9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Frequently asked questions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-826c420 elementor-widget elementor-widget-text-editor\" data-id=\"826c420\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\">Find answers to common questions about the appraisal industry and our process at Class.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-652049b e-con-full e-flex e-con e-child\" data-id=\"652049b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0ae300a elementor-widget elementor-widget-image\" data-id=\"0ae300a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.classvaluation.com\/wp-content\/uploads\/elementor\/thumbs\/class-valuation-faqs-1-quddwbgcjfwll7r9sz9i08khgca8z5ag63vz39mb04.png\" title=\"class-valuation-faqs\" alt=\"class-valuation-faqs\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d4dd937 elementor-widget elementor-widget-image\" data-id=\"d4dd937\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.classvaluation.com\/wp-content\/uploads\/2021\/07\/pattern02.svg\" class=\"attachment-full size-full wp-image-457\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9e26643 animated-fast e-con-full e-flex elementor-invisible e-con e-parent\" data-id=\"9e26643\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;shape_divider_bottom&quot;:&quot;tilt&quot;,&quot;animation&quot;:&quot;fadeIn&quot;}\">\n\t\t\t\t<div class=\"elementor-shape elementor-shape-bottom\" aria-hidden=\"true\" data-negative=\"false\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 1000 100\" preserveAspectRatio=\"none\">\n\t<path class=\"elementor-shape-fill\" d=\"M0,6V0h1000v100L0,6z\"\/>\n<\/svg>\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a2994b4 elementor-widget elementor-widget-template\" data-id=\"a2994b4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"container\" data-elementor-id=\"10942\" class=\"elementor elementor-10942\" data-elementor-post-type=\"elementor_library\">\n\t\t\t\t<div class=\"elementor-element elementor-element-79e24383 animated-fast e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"79e24383\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;shape_divider_bottom&quot;:&quot;tilt&quot;,&quot;animation&quot;:&quot;fadeIn&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-shape elementor-shape-bottom\" aria-hidden=\"true\" data-negative=\"false\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 1000 100\" preserveAspectRatio=\"none\">\n\t<path class=\"elementor-shape-fill\" d=\"M0,6V0h1000v100L0,6z\"\/>\n<\/svg>\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4dd10673 elementor-widget elementor-widget-heading\" data-id=\"4dd10673\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Frequently asked questions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e13c5f6 elementor-widget__width-inherit elementor-widget elementor-widget-n-accordion\" data-id=\"e13c5f6\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;expanded&quot;,&quot;max_items_expended&quot;:&quot;one&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2360\" class=\"e-n-accordion-item\" open>\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"true\" aria-controls=\"e-n-accordion-item-2360\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> What is an appraisal? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2360\" class=\"elementor-element elementor-element-1ebea87 e-flex e-con-boxed e-con e-child\" data-id=\"1ebea87\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c403d98 elementor-widget elementor-widget-text-editor\" data-id=\"c403d98\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tAn appraisal is an unbiased professional opinion of the value of a home\/property and is used whenever a mortgage is involved in the buying, refinancing, or selling of that property.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2361\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"2\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2361\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> What is an AMC\/Appraisal Management Company? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2361\" class=\"elementor-element elementor-element-3ebcdd5 e-flex e-con-boxed e-con e-child\" data-id=\"3ebcdd5\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-18ccd48 elementor-widget elementor-widget-text-editor\" data-id=\"18ccd48\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tAn Appraisal Management Company, or AMC, is an independent entity through which mortgage lenders order appraisal services. AMCs fulfill an administrative function in the appraisal process, including selecting an independent appraiser and delivering the completed report to the lender. Individual appraisers who contract with the AMC (but do not necessarily work exclusively for that AMC) provide the actual property valuation services.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2362\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"3\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2362\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> What is Reconsideration of Value (ROV)? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2362\" class=\"elementor-element elementor-element-1e93e231 e-con-full e-flex e-con e-child\" data-id=\"1e93e231\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-625f8386 elementor-widget elementor-widget-text-editor\" data-id=\"625f8386\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"NormalTextRun SCXW91962043 BCX0\">An\u00a0<\/span><span class=\"NormalTextRun SCXW91962043 BCX0\">ROV is a process that allows borrowers, lenders, or other stakeholders to request\u00a0<\/span><span class=\"NormalTextRun SCXW91962043 BCX0\">from an appraiser\u00a0<\/span><span class=\"NormalTextRun SCXW91962043 BCX0\">a general correction<\/span><span class=\"NormalTextRun SCXW91962043 BCX0\">\u00a0to the report, further<\/span><span class=\"NormalTextRun SCXW91962043 BCX0\">\u00a0explanation or substantiation<\/span><span class=\"NormalTextRun SCXW91962043 BCX0\">, or a\u00a0<\/span><span class=\"NormalTextRun SCXW91962043 BCX0\">request<\/span><span class=\"NormalTextRun SCXW91962043 BCX0\">\u00a0to<\/span>\u00a0<span class=\"NormalTextRun SCXW91962043 BCX0\">r<\/span><span class=\"NormalTextRun SCXW91962043 BCX0\">econsider<\/span><span class=\"NormalTextRun SCXW91962043 BCX0\">\u00a0the v<\/span><span class=\"NormalTextRun SCXW91962043 BCX0\">alue\u00a0<\/span><span class=\"NormalTextRun SCXW91962043 BCX0\">if they believe the\u00a0<\/span><span class=\"NormalTextRun SCXW91962043 BCX0\">initial<\/span><span class=\"NormalTextRun SCXW91962043 BCX0\">\u00a0valuation is incorrect or does not reflect the true market value of the property.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2363\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"4\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2363\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> How long does the ROV process take? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2363\" class=\"elementor-element elementor-element-6c3f9ac e-con-full e-flex e-con e-child\" data-id=\"6c3f9ac\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-818f501 elementor-widget elementor-widget-text-editor\" data-id=\"818f501\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><span class=\"TextRun SCXW87159410 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW87159410 BCX0\">The new policies<\/span><span class=\"NormalTextRun SCXW87159410 BCX0\">\u00a0do not<\/span><span class=\"NormalTextRun SCXW87159410 BCX0\">\u00a0set specific timelines for each stage of the ROV process.\u00a0<\/span><span class=\"NormalTextRun SCXW87159410 BCX0\">Generally, once<\/span><span class=\"NormalTextRun SCXW87159410 BCX0\">\u00a0a request is\u00a0<\/span><span class=\"NormalTextRun SCXW87159410 BCX0\">submitted<\/span><span class=\"NormalTextRun SCXW87159410 BCX0\">\u00a0with all necessary documentation, a response should be provided within a specified number of business days<\/span><span class=\"NormalTextRun SCXW87159410 BCX0\">\u00a0outlined by the service level agreement.\u00a0\u00a0<\/span><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW87159410 BCX0\">Ideally, the response by the appraiser should occur within 24 to\u00a0<\/span><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW87159410 BCX0\">48 hours<\/span><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW87159410 BCX0\">, or in a timely manner based on the complexity of the assignment.<\/span><\/span><span class=\"EOP SCXW87159410 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2364\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"5\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2364\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> How are appraisers selected for each assignment? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2364\" class=\"elementor-element elementor-element-a811694 e-flex e-con-boxed e-con e-child\" data-id=\"a811694\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fabc567 elementor-widget elementor-widget-text-editor\" data-id=\"fabc567\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\tAMCs use a variety of methods and algorithms to select the best appraiser for each assignment based on many variables. Some of these variables include: distance from the subject property, experience and geographical knowledge of the area, professional standing and qualifications, current capacity, on-time rate, etc.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What is an appraisal?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"An appraisal is an unbiased professional opinion of the value of a home\\\/property and is used whenever a mortgage is involved in the buying, refinancing, or selling of that property.\"}},{\"@type\":\"Question\",\"name\":\"What is an AMC\\\/Appraisal Management Company?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"An Appraisal Management Company, or AMC, is an independent entity through which mortgage lenders order appraisal services. AMCs fulfill an administrative function in the appraisal process, including selecting an independent appraiser and delivering the completed report to the lender. Individual appraisers who contract with the AMC (but do not necessarily work exclusively for that AMC) provide the actual property valuation services.\"}},{\"@type\":\"Question\",\"name\":\"What is Reconsideration of Value (ROV)?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"An\\u00a0ROV is a process that allows borrowers, lenders, or other stakeholders to request\\u00a0from an appraiser\\u00a0a general correction\\u00a0to the report, further\\u00a0explanation or substantiation, or a\\u00a0request\\u00a0to\\u00a0reconsider\\u00a0the value\\u00a0if they believe the\\u00a0initial\\u00a0valuation is incorrect or does not reflect the true market value of the property.\"}},{\"@type\":\"Question\",\"name\":\"How long does the ROV process take?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The new policies\\u00a0do not\\u00a0set specific timelines for each stage of the ROV process.\\u00a0Generally, once\\u00a0a request is\\u00a0submitted\\u00a0with all necessary documentation, a response should be provided within a specified number of business days\\u00a0outlined by the service level agreement.\\u00a0\\u00a0Ideally, the response by the appraiser should occur within 24 to\\u00a048 hours, or in a timely manner based on the complexity of the assignment.\\u00a0\"}},{\"@type\":\"Question\",\"name\":\"How are appraisers selected for each assignment?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"AMCs use a variety of methods and algorithms to select the best appraiser for each assignment based on many variables. Some of these variables include: distance from the subject property, experience and geographical knowledge of the area, professional standing and qualifications, current capacity, on-time rate, etc.\"}}]}<\/script>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d49dd80 e-flex e-con-boxed e-con e-parent\" data-id=\"d49dd80\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-7a1f271 animated-fast e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"7a1f271\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeIn&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-363c6f3 elementor-widget elementor-widget-heading\" data-id=\"363c6f3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Have other questions?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-282580c elementor-widget elementor-widget-text-editor\" data-id=\"282580c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Talk to an expert on our team to get the information you need.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5fd0468 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"5fd0468\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.classvaluation.com\/contact\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"icon icon-class-valuation---arrow-button-icons_dark-blue_dark-blue\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Contact us<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Frequently asked questions Find answers to common questions about the appraisal industry and our process at Class. Have other questions? Talk to an expert on our team to get the information you need. Contact us<\/p>\n","protected":false},"author":15,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"class_list":["post-1011","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FAQ - Class Valuation<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.classvaluation.com\/faq\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FAQ - Class Valuation\" \/>\n<meta property=\"og:description\" content=\"Frequently asked questions Find answers to common questions about the appraisal industry and our process at Class. Have other questions? Talk to an expert on our team to get the information you need. Contact us\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.classvaluation.com\/faq\/\" \/>\n<meta property=\"og:site_name\" content=\"Class Valuation\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/classvaluation\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-20T06:47:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.classvaluation.com\/wp-content\/uploads\/elementor\/thumbs\/class-valuation-faqs-1-quddwbgcjfwll7r9sz9i08khgca8z5ag63vz39mb04.png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@classvaluation\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.classvaluation.com\\\/faq\\\/\",\"url\":\"https:\\\/\\\/www.classvaluation.com\\\/faq\\\/\",\"name\":\"FAQ - Class Valuation\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.classvaluation.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.classvaluation.com\\\/faq\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.classvaluation.com\\\/faq\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.classvaluation.com\\\/wp-content\\\/uploads\\\/elementor\\\/thumbs\\\/class-valuation-faqs-1-quddwbgcjfwll7r9sz9i08khgca8z5ag63vz39mb04.png\",\"datePublished\":\"2021-07-12T10:16:50+00:00\",\"dateModified\":\"2024-09-20T06:47:03+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.classvaluation.com\\\/faq\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.classvaluation.com\\\/faq\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.classvaluation.com\\\/faq\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.classvaluation.com\\\/wp-content\\\/uploads\\\/elementor\\\/thumbs\\\/class-valuation-faqs-1-quddwbgcjfwll7r9sz9i08khgca8z5ag63vz39mb04.png\",\"contentUrl\":\"https:\\\/\\\/www.classvaluation.com\\\/wp-content\\\/uploads\\\/elementor\\\/thumbs\\\/class-valuation-faqs-1-quddwbgcjfwll7r9sz9i08khgca8z5ag63vz39mb04.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.classvaluation.com\\\/faq\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.classvaluation.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FAQ\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.classvaluation.com\\\/#website\",\"url\":\"https:\\\/\\\/www.classvaluation.com\\\/\",\"name\":\"Class Valuation\",\"description\":\"Nation&#039;s Largest Appraisal Management Company\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.classvaluation.com\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.classvaluation.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.classvaluation.com\\\/#organization\",\"name\":\"Class Valuation\",\"url\":\"https:\\\/\\\/www.classvaluation.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.classvaluation.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.classvaluation.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Class-Valuation-Logo_wide-2color.png\",\"contentUrl\":\"https:\\\/\\\/www.classvaluation.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Class-Valuation-Logo_wide-2color.png\",\"width\":390,\"height\":55,\"caption\":\"Class Valuation\"},\"image\":{\"@id\":\"https:\\\/\\\/www.classvaluation.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/classvaluation\",\"https:\\\/\\\/x.com\\\/classvaluation\",\"https:\\\/\\\/www.instagram.com\\\/classvaluation\\\/\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FAQ - Class Valuation","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.classvaluation.com\/faq\/","og_locale":"en_US","og_type":"article","og_title":"FAQ - Class Valuation","og_description":"Frequently asked questions Find answers to common questions about the appraisal industry and our process at Class. Have other questions? Talk to an expert on our team to get the information you need. Contact us","og_url":"https:\/\/www.classvaluation.com\/faq\/","og_site_name":"Class Valuation","article_publisher":"https:\/\/www.facebook.com\/classvaluation","article_modified_time":"2024-09-20T06:47:03+00:00","og_image":[{"url":"https:\/\/www.classvaluation.com\/wp-content\/uploads\/elementor\/thumbs\/class-valuation-faqs-1-quddwbgcjfwll7r9sz9i08khgca8z5ag63vz39mb04.png","type":"","width":"","height":""}],"twitter_card":"summary_large_image","twitter_site":"@classvaluation","twitter_misc":{"Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.classvaluation.com\/faq\/","url":"https:\/\/www.classvaluation.com\/faq\/","name":"FAQ - Class Valuation","isPartOf":{"@id":"https:\/\/www.classvaluation.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.classvaluation.com\/faq\/#primaryimage"},"image":{"@id":"https:\/\/www.classvaluation.com\/faq\/#primaryimage"},"thumbnailUrl":"https:\/\/www.classvaluation.com\/wp-content\/uploads\/elementor\/thumbs\/class-valuation-faqs-1-quddwbgcjfwll7r9sz9i08khgca8z5ag63vz39mb04.png","datePublished":"2021-07-12T10:16:50+00:00","dateModified":"2024-09-20T06:47:03+00:00","breadcrumb":{"@id":"https:\/\/www.classvaluation.com\/faq\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.classvaluation.com\/faq\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.classvaluation.com\/faq\/#primaryimage","url":"https:\/\/www.classvaluation.com\/wp-content\/uploads\/elementor\/thumbs\/class-valuation-faqs-1-quddwbgcjfwll7r9sz9i08khgca8z5ag63vz39mb04.png","contentUrl":"https:\/\/www.classvaluation.com\/wp-content\/uploads\/elementor\/thumbs\/class-valuation-faqs-1-quddwbgcjfwll7r9sz9i08khgca8z5ag63vz39mb04.png"},{"@type":"BreadcrumbList","@id":"https:\/\/www.classvaluation.com\/faq\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.classvaluation.com\/"},{"@type":"ListItem","position":2,"name":"FAQ"}]},{"@type":"WebSite","@id":"https:\/\/www.classvaluation.com\/#website","url":"https:\/\/www.classvaluation.com\/","name":"Class Valuation","description":"Nation&#039;s Largest Appraisal Management Company","publisher":{"@id":"https:\/\/www.classvaluation.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.classvaluation.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.classvaluation.com\/#organization","name":"Class Valuation","url":"https:\/\/www.classvaluation.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.classvaluation.com\/#\/schema\/logo\/image\/","url":"https:\/\/www.classvaluation.com\/wp-content\/uploads\/2024\/07\/Class-Valuation-Logo_wide-2color.png","contentUrl":"https:\/\/www.classvaluation.com\/wp-content\/uploads\/2024\/07\/Class-Valuation-Logo_wide-2color.png","width":390,"height":55,"caption":"Class Valuation"},"image":{"@id":"https:\/\/www.classvaluation.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/classvaluation","https:\/\/x.com\/classvaluation","https:\/\/www.instagram.com\/classvaluation\/"]}]}},"_links":{"self":[{"href":"https:\/\/www.classvaluation.com\/wp-json\/wp\/v2\/pages\/1011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.classvaluation.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.classvaluation.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.classvaluation.com\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.classvaluation.com\/wp-json\/wp\/v2\/comments?post=1011"}],"version-history":[{"count":0,"href":"https:\/\/www.classvaluation.com\/wp-json\/wp\/v2\/pages\/1011\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.classvaluation.com\/wp-json\/wp\/v2\/media?parent=1011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}