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 appraisers doing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Premier Appraisals, Inc. provides appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's regulations.
A review appraisal should ascertain: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the processes by which the property valuation is rendered ensures independence and quality. In addition, they must announce whether the appraisal or evaluation report is compatible with the engagement letter, which describes the outlook of the appraisal assignment. The Federal Reserve 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 coordinating our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Premier Appraisals, Inc., we're experienced in all types of appraisal reviews, review procedures and the requirements of review appraisers.
We are aware of what constitutes a quality appraisal and what the biggest deficiencies are, particularly for reports in our home market. We're also sufficiently experienced to acknowledge that our competition in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Premier Appraisals, Inc. to fairly look over appraisal reports carried out by others. And those others might be examining our work, too!
In short, at Premier Appraisals, Inc., you can count on our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Premier Appraisals, Inc. for more information regarding our qualifications, expertise and services offered.