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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 duty of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Certified Appraisals Group LLC, we provide appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's guidelines.The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the practices by which the collateral valuation is rendered guarantees independence and quality. In addition, they must indicate whether the appraisal or evaluation report is in line with the letter of engagement, which describes the outlook of the appraisal assignment. Lastly, the Fed 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 adapting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Certified Appraisals Group LLC, we are trained in every kind of appraisal review, review practice and the obligations of review appraisers.
You can trust Certified Appraisals Group LLC for our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Certified Appraisals Group LLC for more information about our qualifications, expertise and service offerings. |
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Certified Appraisals Group LLC is aware of what the typical report imperfections are, specifically in our home market, as well as what amounts to a quality appraisal.
Concurrently, we are skilled enough to distinguish that the competitors in our market are capable of doing a good job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Certified Appraisals Group LLC to objectively study appraisal reports completed by others. And those others might be examining our work, too!