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Getting a second opinion on an appraisalAccording to an announcement 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 are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Signature Appraisals provides appraisal review services that are unbiased, efficient, professional and square with the Federal Reserve's regulations.A review appraisal has to pursue: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the process by which the property valuation is acquired ensures independence and quality. Moreover, they should indicate whether the appraisal or evaluation report is true to the letter of engagement, which describes the outlook of the appraisal assignment. Lastly, the Fed 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".
In addition to adjusting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we can produce an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Signature Appraisals, we're skilled in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.
You can depend on Signature Appraisals for our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered. |
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We know what the most frequent report imperfections are, particularly in our real estate market, as well as what makes a quality appraisal.
In the same regard, we are skilled enough to respect that the competition 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 trust us to fairly evaluate appraisal reports executed by others. And those others could be reviewing our work, too!