Getting a second opinion on an appraisalAccording to 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 performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Serviced Appraisals provides appraisal review services that are impartial, expert, professional and in accordance with the Federal Reserve's rules.
A review appraisal has to verify: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the practices by which the collateral valuation is obtained ensures independence and quality. In addition, they should show whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the capacity of the appraisal assignment. The Federal Reserve 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 forms and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we can develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Serviced Appraisals, we are experienced in all forms of appraisal reviews, review processes and the responsibilities of review appraisers.
Serviced Appraisals is aware of what the typical report defects are, specifically in our home market, as well as what makes a quality appraisal. In the same regard, we're sufficiently skilled to identify that our competitors in our market are capable of doing a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to lawfully look over appraisal reports carried out by others. And those others might be reviewing our work, too!
In short, here at Serviced Appraisals, you can rely on our truthful judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered.