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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 expectation of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Appraisals For Land & Homes, we provide appraisal review services that are impartial, qualified, professional and in accordance with the Federal Reserve's rules.A review appraisal has to ascertain: whether the original appraisal or evaluation is suitable 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 must also show whether the appraisal or evaluation report matches the engagement letter, which describes the reach of the appraisal assignment. Lastly, the Federal Reserve 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 tailoring our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we can 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 Appraisals For Land & Homes, we're experienced in all types of appraisal reviews, review practices and the obligations of review appraisers.
For professional, fair, ethical appraisal review services and independent judgments, you can count on Appraisals For Land & Homes. Contact Appraisals For Land & Homes for more information regarding our qualifications, expertise and services offered. |
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We are familiar with what the most likely report deficiencies are, especially in our home market, as well as what represents a quality appraisal.
We're also amply experienced to recognize that the competitors in our market are capable of a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to lawfully examine appraisal reports performed by others. And those others may be examining our work, too!