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 responsibility of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Peak Appreasing, we provide appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's regulations.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the methods by which the collateral valuation is acquired guarantees independence and quality. Moreover, they must demonstrate whether the appraisal or evaluation report is consistent with the engagement letter, which describes the outlook of the appraisal assignment. Lastly, the Fed 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".
In addition to tailoring 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 one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Peak Appreasing, we are trained in every type of appraisal review, review procedure and the requirements of review appraisers.
We know what the most prevalent report imperfections are, especially in our real estate market, as well as what constitutes a quality appraisal. The professionals at Peak Appreasing are also skilled enough to distinguish that the competitors in our market are skillful in doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to ethically assess appraisal reports performed by others. And those others may be evaluating our work, too!
For professional, impartial, ethical appraisal review services and truthful judgments, you can depend on Peak Appreasing. Contact Peak Appreasing regarding our qualifications, expertise and services offered.