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Getting a second opinion on an appraisal
As 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
it's the prudent for appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
WalshStreet Appraisals provides appraisal review services that are unbiased, qualified, professional and square with the Federal Reserve's rules.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the practices by which the collateral valuation is rendered guarantees independence and quality.
Moreover, they should announce whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the outlook of the appraisal assignment.
Lastly, the Federal Reserve 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".
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If you have questions about an appraisal, or if you're in the need of a real estate appraisal review, call us today. |
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In addition to tailoring our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we will formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
At WalshStreet Appraisals, we're skilled in every kind of appraisal review, review procedure and the requirements of review appraisers.
We are aware of what constitutes a quality appraisal and what the greatest inadequacies are, especially when it comes to our home market.
Concurrently, the professionals at WalshStreet Appraisals are adequately skilled to admit that our competition in our market are capable of good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to lawfully look over appraisal reports completed by others. And those others may be reviewing our work, too!
In short, at WalshStreet Appraisals, you can trust our honest judgment, because we offer professional, impartial, ethical appraisal review services for our clients.
Contact WalshStreet Appraisals to learn more about our qualifications, expertise and services offered.
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