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 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 Allen Appraisal & Consulting, Inc., we provide appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's regulations.
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 manners by which the real estate valuation is accomplished guarantees independence and quality. They should also announce whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the scope of the appraisal assignment. Lastly, the Fed says 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 typically used for review services, and we'll produce 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 Allen Appraisal & Consulting, Inc., we're skilled in every type of appraisal review, review procedure and the obligations of review appraisers.
We are aware of what represents a quality appraisal and what the most common errors are, especially for reports in our local housing market. In the same sense, we are trained enough to identify that our competitors in our market are qualified to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to lawfully evaluate appraisal reports done by others. And those others could be evaluating our work, too!
In short, here at Allen Appraisal & Consulting, Inc., you can count on our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Allen Appraisal & Consulting, Inc. for more information about our qualifications, expertise and services offered.