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Getting a second opinion on an appraisal
As 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
appraisers performing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
At Anderson Appraisal Service, we provide appraisal review services that are impartial, expert, professional and square with the Federal Reserve's guidelines.
A review appraisal should reveal: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the procedure by which the real estate valuation is attained guarantees independence and quality.
The review should also indicate whether the appraisal or evaluation report is in line with the engagement letter, which describes the reach of the appraisal assignment.
Lastly, the Federal Reserve also notes 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 regulations and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we will formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
At Anderson Appraisal Service, we are experienced in all kinds of appraisal reviews, review practices and the requirements of review appraisers.
Anderson Appraisal Service is aware of what the most frequent reporting inadequacies are, particularly in our home market. We also know what represents a quality appraisal.
In this regard, we're skilled enough to know that the competition in our market are capable of doing quality work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to objectively examine appraisal reports carried out by others. And those others could be evaluating our work, too!
You can depend on Anderson Appraisal Service for our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients.
Contact Anderson Appraisal Service for more information about our qualifications, expertise and services offered.
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