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 obligation of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Associated Independent Appraisers provides appraisal review services that are unbiased, qualified, professional and compliant with the Federal Reserve's guidelines.
A review appraisal has to reveal: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the manners by which the collateral valuation is attained guarantees independence and quality. Moreover, they must indicate whether the appraisal or evaluation report is true to the letter of engagement, which describes the range of the appraisal assignment. The Fed 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 processes and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we will 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 Associated Independent Appraisers, we are skilled in every kind of appraisal review, review process and the obligations of review appraisers.
We know what represents a quality appraisal and what the most common errors are, specifically when it comes to our home market. In this regard, we are adequately trained to realize that the competitors in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on Associated Independent Appraisers to ethically look over appraisal reports executed by others. And those others could be examining our work, too!
For professional, unbiased, ethical appraisal review services and independent judgments, you can count on Associated Independent Appraisers. Contact us regarding our qualifications, expertise and services offered.