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Getting a second opinion on an appraisal
According to 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 call of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Faubion Appraisals provides appraisal review services that are unbiased, qualified, professional and in accordance with the Federal Reserve's rules.
A review appraisal has to find out: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the manners by which the property valuation is accomplished guarantees independence and quality.
In addition, they should indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the outlook of the appraisal assignment.
The Fed also 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".
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If you have questions in reference to an appraisal, or if you need a real estate appraisal review, contact us today. |
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In addition to adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we will produce 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 Faubion Appraisals, we're skilled in all types of appraisal reviews, review procedures and the obligations of review appraisers.
We understand what the most frequent reporting imperfections are, particularly in our home market. We also understand what amounts to a quality appraisal.
The professionals at Faubion Appraisals are also sufficiently skilled to distinguish that the competition in our market are skillful in doing quality work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Faubion Appraisals to objectively valuate appraisal reports carried out by others. And those others might be evaluating our work, too!
In short, at Faubion Appraisals, you can count on our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients.
Contact Faubion Appraisals for more information regarding our qualifications, expertise and services offered.
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