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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 prudent for appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Assured Appraisals, LLC. provides appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's rules.The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the actions by which the property valuation is obtained ensures independence and quality. In addition, they should announce whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the extent 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".
In addition to tailoring our work to the regulations 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. At Assured Appraisals, LLC., we're qualified in all forms of appraisal reviews, review procedures and the requirements of review appraisers.
For professional, impartial, ethical appraisal review services and truthful judgments, you can count on Assured Appraisals, LLC.. Contact us for more information regarding our qualifications, expertise and service offerings. |
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We know what constitutes a quality appraisal and what the most prevalent deficiencies are, specifically when it comes to our local real estate market.
We're also sufficiently trained to admit that the competitors 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 trust us to objectively valuate appraisal reports done by others. And those others might be reviewing our work, too!