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Getting a second opinion on an appraisal
As 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
appraisers producing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Professional Appraisal Services, LLC. provides appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's guidelines.
A review appraisal should determine: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the procedures by which the collateral valuation is obtained ensures independence and quality.
The review should also indicate whether the appraisal or evaluation report matches the letter of engagement, which describes the scope of the appraisal assignment.
Lastly, the Fed 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".
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If you're in the need of a real estate appraisal review or have questions in reference to an appraisal, contact us today. |
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In addition to coordinating our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll prepare 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 Professional Appraisal Services, LLC., we are trained in every kind of appraisal review, review procedure and the requirements of review appraisers.
Professional Appraisal Services, LLC. understands what the most prevalent reporting defects are, specifically in our home market. We also understand what makes a quality appraisal.
Concurrently, we are proficient enough to know that the competitors in our market are qualified to do good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to ethically valuate appraisal reports executed by others. And those others could be reviewing our work, too!
You can trust Professional Appraisal Services, LLC. for our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers.
Contact us regarding our qualifications, expertise and service offerings.
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