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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 prudent for appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Motto Appraisal Service, we provide appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's regulations.A review appraisal should find out: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the process by which the property valuation is acquired guarantees independence and quality. The review must also signify whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the depth of the appraisal assignment. Lastly, the Fed 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 adjusting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we will prepare 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 Motto Appraisal Service, we're experienced in all types of appraisal reviews, review procedures and the requirements of review appraisers.
At Motto Appraisal Service, you can trust our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and services offered. |
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Motto Appraisal Service knows what the most frequent report weaknesses are, specifically in our real estate market, as well as what makes a quality appraisal.
In the same sense, we are skilled enough to identify that the competitors in our market are qualified to do 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 objectively valuate appraisal reports completed by others. And those others might be examining our work, too!