Getting a second opinion on an appraisalAs said in 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 obligation of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Dora Rohal, we provide appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's rules.
A review appraisal has to ascertain: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the method by which the collateral valuation is attained guarantees independence and quality. Moreover, they must signify whether the appraisal or evaluation report is compatible with the engagement letter, which describes the extent of the appraisal assignment. Lastly, 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 tailoring our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are mostly 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 Burgundy Appraisals we are experienced in all forms of appraisal reviews, review procedures and the obligations of review appraisers.
We know what represents a quality appraisal and what the most frequent defects are, specifically for reports in our local real estate market. The professionals at Burgundy Appraisals are also trained enough to know that the competition in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Burgundy Appraisals to objectively examine appraisal reports executed by others. And those others could be examining our work, too!
You can depend on Burgundy Appraisals for our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Burgundy Appraisals for more information regarding our qualifications, expertise and service offerings.