Reconsideration of Value

We may order an appraisal to determine the property's value and charge you a fee for this service. You will receive a copy of the appraisal, regardless of whether your loan closes.

Busey Bank (the “Bank”) is committed to maintaining appraiser independence and preventing attempts to influence appraisers in the preparation of appraisal reports, as well as having zero tolerance for any discrimination or bias by individuals in the real estate appraisal process.

Your input as an applicant is a critical component in the Bank’s fair lending efforts. Please be advised that you have the right to request a Reconsideration of Value (“ROV”) if you believe:

• that any person has attempted to influence the appraiser in the preparation of the appraisal of your property;
• the value is unsupported;
• the value may be inaccurate or deficient due to unacceptable appraisal practices; or
• the appraisal reflects prohibited discriminatory practices.

If you wish to initiate a ROV request, you must complete the ROV Request Form. There are no costs associated with your request. The Bank follows secondary market guidelines that require only one ROV request to be submitted to us per appraisal report. Below are the steps on how the ROV process works:

1. Fully complete the attached ROV Request Form. Missing information may cause delays in the Bank’s review and the processing of your loan application.

2. You may use the Form to indicate the purpose of the ROV:

a. To correct factual errors in the report (e.g. report indicates your property has 2 bedrooms, but it actually has 3; living area is incorrect; age of home is misstated);
b. To request consideration of what you believe to be better comparable sales;
c. To report a concern with the appraiser’s conduct; and/or
d. To report concerns of bias or discrimination in the appraisal process.

3. Return the completed Form via email to mortgage@Busey.com or by mail to Busey Bank, Attn: Mortgage Department 12300 Olive Blvd. St Louis, MO 63141.

4. When the completed Form is received, a Mortgage Division Associate will contact you within two (2) business days to confirm that the ROV process has begun.

5. The Mortgage Division Associate will submit the ROV request to the appraiser. Typically, the appraiser will respond within two (2) business days, but this may vary depending on the complexity of the ROV request.

6. The appraiser will consider each item provided on the request and may agree or disagree that an adjustment or correction to the report is necessary. The appraiser is an independent valuation professional who will determine whether the appraisal report warrants a change and cannot be directed by you or Busey Bank in accordance with Appraisal Independence Requirements.

7. Your Loan Originator will communicate the outcome of the ROV request.

If you require general clarifications, corrections, explanations or substantiation from the appraiser, please contact your Loan Originator as soon as possible.