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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 responsibility of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Elite Appraisals provides appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's guidelines.A review appraisal should determine: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the process by which the property valuation is attained ensures independence and quality. The review should also signify whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the depth of the appraisal assignment. Lastly, the Federal Reserve also 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 conforming our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we'll produce 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 Elite Appraisals, we're trained in every type of appraisal review, review practice and the responsibilities of review appraisers.
For professional, unbiased, ethical appraisal review services and truthful judgments, you can depend on Elite Appraisals. Contact Elite Appraisals to learn more about our qualifications, expertise and service offerings. |
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We're aware of what the most frequent reporting imperfections are, specifically in our real estate market. We also know what makes a quality appraisal.
Concurrently, we're professional enough to know that our competitors in our market are capable of good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to objectively evaluate appraisal reports executed by others. And those others might be reviewing our work, too!