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Getting a second opinion on an appraisalAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the call of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Appraisal Solutions Review & Consultation provides appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's rules.The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the process by which the collateral valuation is rendered guarantees independence and quality. The review should also demonstrate whether the appraisal or evaluation report is in line with the letter of engagement, which describes the reach of the appraisal assignment. Lastly, the Fed also states 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 conforming our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Appraisal Solutions Review & Consultation, we're trained in all forms of appraisal reviews, review processes and the obligations of review appraisers.
For professional, unbiased, ethical appraisal review services and independent judgments, you can depend on Appraisal Solutions Review & Consultation. Contact Appraisal Solutions Review & Consultation to learn more about our qualifications, expertise and services offered. |
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We are aware of what makes a quality appraisal and what the most frequent inadequacies are, specifically for reports in our local real estate market.
We're also skilled enough to admit that our competition in our market are qualified to do a good job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to justly look over appraisal reports done by others. And those others might be reviewing our work, too!