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Getting a second opinion on an appraisal
As 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
it's the duty of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Here at R.M. Rose, we provide appraisal review services that are objective, efficient, professional and square with the Federal Reserve's guidelines.
A review appraisal has to reveal: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the method by which the collateral valuation is attained ensures independence and quality.
They must also announce whether the appraisal or evaluation report matches the letter of engagement, which sets forth the depth of the appraisal assignment.
Lastly, the Federal Reserve 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".
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If you have questions about an appraisal, or if you're in the need of a real estate appraisal review, contact us today. |
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In addition to adjusting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we can formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
At R.M. Rose, we're qualified in every type of appraisal review, review practice and the obligations of review appraisers.
We're aware of what amounts to a quality appraisal and what the most frequent inadequacies are, specifically when it comes to our home market.
We're also amply skilled to recognize that the competition in our market are capable of a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to fairly examine appraisal reports performed by others. And those others could be reviewing our work, too!
Here at R.M. Rose, you can trust our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients.
Contact us regarding our qualifications, expertise and service offerings.
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