Getting a second opinion on an appraisalAs stated in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers fulfilling reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Rivertown Appraisal provides appraisal review services that are unbiased, efficient, professional and square with the Federal Reserve's rules.
A review appraisal has to verify: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the procedures by which the real estate valuation is attained ensures independence and quality. The review must also show whether the appraisal or evaluation report is in line with the engagement letter, which describes the range of the appraisal assignment. 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 adjusting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can formulate 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 Rivertown Appraisal, we are experienced in all forms of appraisal reviews, review practices and the requirements of review appraisers.
Rivertown Appraisal knows what the typical report weaknesses are, particularly in our real estate market, as well as what makes a quality appraisal. The professionals at Rivertown Appraisal are also sufficiently skilled to realize that our competitors in our market are able to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to objectively look over appraisal reports performed by others. And those others could be evaluating our work, too!
You can trust Rivertown Appraisal for our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Rivertown Appraisal for more information regarding our qualifications, expertise and service offerings.