|
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 completing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Western Maine Appraisal Services, we provide appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's regulations.The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the methods by which the real estate valuation is rendered ensures independence and quality. They must also announce whether the appraisal or evaluation report matches the engagement letter, which gives an account of the range of the appraisal assignment. Lastly, the Federal Reserve states 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 forms and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we can formulate 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 Western Maine Appraisal Services, we are trained in every kind of appraisal review, review practice and the requirements of review appraisers.
Here at Western Maine Appraisal Services, you can rely on our truthful judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Western Maine Appraisal Services for more information about our qualifications, expertise and services offered. |
|||||||||
We know what the most prevalent reporting imperfections are, specifically in our housing market. We also understand what constitutes a quality appraisal.
At the same time, the professionals at Western Maine Appraisal Services are amply experienced to recognize that the competitors in our market are qualified to do good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Western Maine Appraisal Services to fairly assess appraisal reports completed by others. And those others might be studying our work, too!