Getting a second opinion on an appraisalAs said 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 obligation of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Appraisal Specialists, we provide appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's regulations.
A review appraisal should find out: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the methods by which the collateral valuation is attained guarantees independence and quality. They should also announce whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the reach of the appraisal assignment. The Fed also 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 adapting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can produce 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 Specialists, we are skilled in all forms of appraisal reviews, review procedures and the obligations of review appraisers.
We know what the typical report weaknesses are, specifically in our housing market, as well as what makes a quality appraisal. In the same sense, we're skilled enough to respect that the competitors in our market are skillful in doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to lawfully valuate appraisal reports performed by others. And those others may be studying our work, too!
For professional, impartial, ethical appraisal review services and truthful judgments, you can rely on Appraisal Specialists. Contact Appraisal Specialists for more information about our qualifications, expertise and service offerings.