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 responsibility of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At AAA Appraisal, Inc., we provide appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's guidelines.
A review appraisal has to find out: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the method by which the property valuation is accomplished ensures independence and quality. They should also denote whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the depth of the appraisal assignment. 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 coordinating our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we'll develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At AAA Appraisal, Inc., we're experienced in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.
AAA Appraisal, Inc. realizes what represents a quality appraisal and what the biggest imperfections are, particularly when it comes to our local real estate market. In the same sense, we're sufficiently skilled to identify that our competitors in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to objectively look over appraisal reports carried out by others. And those others might be reviewing our work, too!
In short, when you choose AAA Appraisal, Inc., you can rely on our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and services offered.