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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 appraisers engaged in reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Clarity Appraisals, we provide appraisal review services that are impartial, qualified, professional and square with the Federal Reserve's guidelines.A review appraisal has to reveal: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the actions by which the collateral valuation is accomplished ensures independence and quality. They should also demonstrate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope 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 processes and guidelines of our review customers, there are four Fannie Mae forms that are usually 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 Clarity Appraisals, we're trained in all kinds of appraisal reviews, review processes and the responsibilities of review appraisers.
When you choose Clarity Appraisals, you can be sure of our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings. |
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We understand what the most frequent report weaknesses are, especially in our real estate market, as well as what makes a quality appraisal.
We're also adequately experienced to recognize that our competition in our market are capable of quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to ethically evaluate appraisal reports executed by others. And those others may be evaluating our work, too!