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 appraisers preparing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Curran Appraisals provides appraisal review services that are unbiased, qualified, professional and in line with the Federal Reserve's rules.
A review appraisal should reveal: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the means by which the property valuation is rendered guarantees independence and quality. They must also announce whether the appraisal or evaluation report matches the engagement letter, which sets forth the reach of the appraisal assignment. Lastly, the Fed notes 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 forms and guidelines of our review clients, there are four Fannie Mae forms that are mostly 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 Curran Appraisals, we are skilled in every type of appraisal review, review practice and the responsibilities of review appraisers.
Curran Appraisals realizes what the typical report deficiencies are, particularly in our home market, as well as what represents a quality appraisal. The professionals at Curran Appraisals are also trained enough to admit that the competition in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on Curran Appraisals to justly valuate appraisal reports performed by others. And those others could be studying our work, too!
You can depend on Curran Appraisals for our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings.