Getting a second opinion on an appraisalAccording to 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 engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Affordable Appraisals provides appraisal review services that are objective, qualified, professional and square with the Federal Reserve's rules.
A review appraisal has to determine: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the manners by which the collateral valuation is rendered guarantees independence and quality. They must also show whether the appraisal or evaluation report is in line with the engagement letter, which describes the extent of the appraisal assignment. The Federal Reserve goes on to say 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 practices and guidelines of our review customers, 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. At Affordable Appraisals, we're qualified in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
We are aware of what amounts to a quality appraisal and what the greatest defects are, especially when it comes to our local real estate market. The professionals at Affordable Appraisals are also trained enough to know that the competition in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Affordable Appraisals to justly study appraisal reports done by others. And those others might be evaluating our work, too!
You can depend on Affordable Appraisals for our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Affordable Appraisals to learn more about our qualifications, expertise and service offerings.