Getting a second opinion on an appraisalAs 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 appraisers preparing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Appraisal Associates of Lancaster, Inc., we provide appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's rules.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the procedures by which the collateral valuation is rendered guarantees independence and quality. In addition, they should signify whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the capacity of the appraisal assignment. The Fed 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 coordinating our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we will develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Appraisal Associates of Lancaster, Inc., we're qualified in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
We realize what makes a quality appraisal and what the most common defects are, specifically when it comes to our home market. We're also skilled enough to realize that the competition in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to lawfully valuate appraisal reports executed by others. And those others may be examining our work, too!
For professional, objective, ethical appraisal review services and honest judgments, you can rely on Appraisal Associates of Lancaster, Inc.. Contact us for more information about our qualifications, expertise and service offerings.