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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 call of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Accurate Appraisal (816)233-1883, we provide appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's guidelines.The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the processes by which the real estate valuation is rendered guarantees independence and quality. The review should also demonstrate whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the range of the appraisal assignment. The Federal Reserve also goes on to say 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 tailoring our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are primarily 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 Accurate Appraisal, we are qualified in all forms of appraisal reviews, review processes and the responsibilities of review appraisers.
For professional, impartial, ethical appraisal review services and independent judgments, you can depend on Accurate Appraisal. Contact Accurate Appraisal (816)233-1883 to learn more about our qualifications, expertise and service offerings. |
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Accurate Appraisal knows what the most frequent report deficiencies are, especially in our home market, as well as what amounts to a quality appraisal.
We're also trained enough to admit that our competitors in our market are capable of doing quality work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to fairly review appraisal reports done by others. And those others could be examining our work, too!