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Getting a second opinion on an appraisalAs said in 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 obligation of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Fusion Real Estate Appraisals, we provide appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's rules.The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the actions by which the collateral valuation is acquired ensures independence and quality. They should also demonstrate whether the appraisal or evaluation report is in line with the letter of engagement, which gives an account of the reach of the appraisal assignment. The Fed 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 adapting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we can 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 Fusion Real Estate Appraisals, we are skilled in every type of appraisal review, review practice and the requirements of review appraisers.
Here at Fusion Real Estate Appraisals, you can count on our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and services offered. |
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Fusion Real Estate Appraisals understands what makes a quality appraisal and what the greatest deficiencies are, especially when it comes to our local housing market.
In the same regard, we are adequately trained to acknowledge that the competitors in our market are capable of doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to justly review appraisal reports executed by others. And those others may be studying our work, too!