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." Here at Comprehensive Valuation Services, LLC, we provide appraisal review services that are unbiased, qualified, professional and in line with the Federal Reserve's guidelines.
A review appraisal has to determine: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the procedures by which the collateral valuation is obtained guarantees independence and quality. In addition, they should denote whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the extent 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 coordinating our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we'll prepare 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 Comprehensive Valuation Services, LLC, we're trained in every form of appraisal review, review process and the requirements of review appraisers.
We realize what the most common reporting weaknesses are, specifically in our home market. We also understand what represents a quality appraisal. We're also skilled enough to acknowledge that the competition in our market are skillful in doing a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to lawfully valuate appraisal reports done by others. And those others might be examining our work, too!
For professional, objective, ethical appraisal review services and truthful judgments, you can depend on Comprehensive Valuation Services, LLC. Contact us to learn more about our qualifications, expertise and service offerings.