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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 appraisers doing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Whitson Homes And Land provides appraisal review services that are independent, expert, professional and in line with the Federal Reserve's guidelines.A review appraisal should ascertain: 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. In addition, they must signify whether the appraisal or evaluation report is true to the engagement letter, which describes the range of the appraisal assignment. 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 adapting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we will develop 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 Whitson Homes And Land, we are qualified in all types of appraisal reviews, review processes and the obligations of review appraisers.
Here at Whitson Homes And Land, you can count on our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings. |
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We're aware of what represents a quality appraisal and what the most frequent errors are, specifically for reports in our local real estate market.
The professionals at Whitson Homes And Land are also sufficiently skilled to distinguish that the competitors in our market are capable of doing a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust Whitson Homes And Land to justly valuate appraisal reports executed by others. And those others might be studying our work, too!