Getting a second opinion on an appraisalAs stated in 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 compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Timely Appraisal Services provides appraisal review services that are impartial, efficient, professional and compliant with the Federal Reserve's guidelines.
A review appraisal has to ascertain: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the manners by which the property valuation is acquired ensures independence and quality. The review must also signify whether the appraisal or evaluation report is true to the engagement letter, which describes the scope of the appraisal assignment. The Federal Reserve 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 adjusting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we will 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 Timely Appraisal Services, we're qualified in every form of appraisal review, review process and the responsibilities of review appraisers.
We are aware of what represents a quality appraisal and what the most common deficiencies are, specifically for reports in our local housing market. We're also adequately skilled to recognize that the competitors in our market are capable of good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to ethically examine appraisal reports executed by others. And those others might be evaluating our work, too!
Here at Timely Appraisal Services, you can count on our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Timely Appraisal Services for more information regarding our qualifications, expertise and services offered.