Getting a second opinion on an appraisalAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the responsibility of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Houston Appraisal Services, we provide appraisal review services that are impartial, expert, professional and in line with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the practices by which the property valuation is accomplished ensures independence and quality. They must also denote whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the scope of the appraisal assignment. Lastly, the Federal Reserve also goes on to say 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 conforming our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Houston Appraisal Services, Inc., we are trained in all kinds of appraisal reviews, review procedures and the responsibilities of review appraisers.
We understand what the most frequent reporting imperfections are, specifically in our housing market. We also understand what makes a quality appraisal. We're also sufficiently experienced to identify that the competition in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to lawfully examine appraisal reports executed by others. And those others may be reviewing our work, too!
For professional, fair, ethical appraisal review services and truthful judgments, you can depend on Houston Appraisal Services. Contact us for more information about our qualifications, expertise and services offered.