Getting a second opinion on an appraisalAccording to 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 responsibility of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Trust Real Estate Appraisal Services PLC, we provide appraisal review services that are unbiased, qualified, professional and in line with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the process by which the collateral valuation is acquired ensures independence and quality. In addition, they must show whether the appraisal or evaluation report matches the engagement letter, which describes the capacity 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 conforming our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are primarily 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. At Trust Real Estate Appraisal Services PLC, we are trained in all forms of appraisal reviews, review procedures and the requirements of review appraisers.
We are familiar with what the most common report weaknesses are, specifically in our real estate market, as well as what makes a quality appraisal. In the same regard, we are trained enough to identify that our competitors in our market are able to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Trust Real Estate Appraisal Services PLC to objectively review appraisal reports executed by others. And those others could be evaluating our work, too!
In short, here at Trust Real Estate Appraisal Services PLC, you can rely on our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered.