Getting a second opinion on an appraisalAs said 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 engaged in reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Feicht R.E. and Appraisal, LLC., we provide appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's rules.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the practices by which the collateral valuation is rendered guarantees independence and quality. They should also demonstrate whether the appraisal or evaluation report is in line with the engagement letter, which describes the range of the appraisal assignment. The Fed 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".
In addition to adjusting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we can 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 Feicht R.E. and Appraisal, LLC., we are skilled in every kind of appraisal review, review process and the obligations of review appraisers.
We realize what constitutes a quality appraisal and what the biggest errors are, especially in our local housing market. At the same time, we're skilled enough to realize that our competitors in our market are capable of doing a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to lawfully assess appraisal reports executed by others. And those others could be examining our work, too!
You can count on Feicht R.E. and Appraisal, LLC. for our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings.