Getting a second opinion on an appraisalAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers producing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Appraisal Dynamic provides appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's rules.
A review appraisal has to detect: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the procedure by which the collateral valuation is obtained guarantees independence and quality. Moreover, they must demonstrate whether the appraisal or evaluation report is in line with the letter of engagement, which describes the outlook of the appraisal assignment. The Fed also 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 adjusting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we'll 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. Here at Appraisal Dynamic, we're trained in every type of appraisal review, review process and the requirements of review appraisers.
We are aware of what the most frequent report deficiencies are, particularly in our housing market, as well as what makes a quality appraisal. At the same time, we are trained enough to respect that our competition in our market are capable of doing a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Appraisal Dynamic to objectively evaluate appraisal reports carried out by others. And those others may be reviewing our work, too!
When you choose Appraisal Dynamic, you can trust our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Appraisal Dynamic to learn more about our qualifications, expertise and service offerings.