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 doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Jeanette Ford Appraisal Service provides appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's guidelines.
A review appraisal should determine: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the means by which the property valuation is rendered guarantees independence and quality. Moreover, they must signify whether the appraisal or evaluation report matches the letter of engagement, which describes the outlook of the appraisal assignment. Lastly, the Federal Reserve also states 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 adjusting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Jeanette Ford Appraisal Service, we're skilled in all forms of appraisal reviews, review processes and the requirements of review appraisers.
We're aware of what represents a quality appraisal and what the most prevalent deficiencies are, especially in our home market. At the same time, the professionals at Jeanette Ford Appraisal Service are adequately trained to acknowledge that our competitors in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Jeanette Ford Appraisal Service to lawfully look over appraisal reports executed by others. And those others may be examining our work, too!
You can rely on Jeanette Ford Appraisal Service for our truthful 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.