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Getting a second opinion on an appraisal
According to an announcement
by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that
it's the duty of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Arizona Premier Appraisers provides appraisal review services that are unbiased, qualified, professional and compliant with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the process by which the collateral valuation is obtained ensures independence and quality.
The review must also denote whether the appraisal or evaluation report matches the engagement letter, which sets forth the reach of the appraisal assignment.
The Federal Reserve also 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".
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If you're in the need of a real estate appraisal review or have questions regarding an appraisal, contact us today. |
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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 will 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 Arizona Premier Appraisers, we are trained in all kinds of appraisal reviews, review practices and the obligations of review appraisers.
Arizona Premier Appraisers is aware of what makes a quality appraisal and what the most prevalent deficiencies are, especially for reports in our home market.
We're also skilled enough to acknowledge that the competitors in our market are qualified to do a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to objectively assess appraisal reports executed by others. And those others could be reviewing our work, too!
At Arizona Premier Appraisers, you can be sure of our neutral judgment, because we offer professional, objective, ethical appraisal review services for our clients.
Contact Arizona Premier Appraisers to learn more about our qualifications, expertise and service offerings.
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