Getting a second opinion on an appraisalAs stated in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the duty of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Appraisal Evaluations, Inc., we provide appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's regulations.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the processes by which the real estate valuation is accomplished ensures independence and quality. The review must also signify whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the extent of the appraisal assignment. Lastly, the Fed notes that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to coordinating our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Appraisal Evaluations, Inc., we are experienced in all types of appraisal reviews, review procedures and the obligations of review appraisers.
Appraisal Evaluations, Inc. is aware of what represents a quality appraisal and what the most frequent inadequacies are, particularly for reports in our local real estate market. In this regard, we are professional enough to realize that the competitors in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to justly assess appraisal reports executed by others. And those others could be studying our work, too!
You can depend on Appraisal Evaluations, Inc. for our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and services offered.