Getting a second opinion on an appraisalAs 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 it's the duty of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Confidential Appraisal Services, LLC provides appraisal review services that are impartial, expert, professional and in accordance with the Federal Reserve's guidelines.
A review appraisal has to reveal: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the procedure by which the real estate valuation is accomplished guarantees independence and quality. Moreover, they must indicate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the extent 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 adjusting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we'll prepare 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 Confidential Appraisal Services, LLC, we're trained in all forms of appraisal reviews, review processes and the responsibilities of review appraisers.
We're aware of what the most prevalent reporting inadequacies are, specifically in our home market. We also understand what represents a quality appraisal. We're also sufficiently trained to admit that the competition in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Confidential Appraisal Services, LLC to fairly examine appraisal reports performed by others. And those others may be examining our work, too!
You can rely on Confidential Appraisal Services, LLC for our truthful judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and services offered.