Getting a second opinion on an appraisalAccording to 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 responsibility of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At ALSouth Appraisal Services LLC, we provide appraisal review services that are impartial, expert, professional and in accordance with the Federal Reserve's rules.
A review appraisal has to reveal: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the processes by which the real estate valuation is acquired ensures independence and quality. The review should also show whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the scope of the appraisal assignment. The Federal Reserve also goes on to say 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 processes and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we'll prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At ALSouth Appraisal Services LLC, we're experienced in every type of appraisal review, review procedure and the obligations of review appraisers.
We're aware of what the biggest reporting defects are, specifically in our home market. We also know what represents a quality appraisal. In the same sense, we're sufficiently trained to distinguish that the competition in our market are qualified to do a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to lawfully review appraisal reports done by others. And those others may be studying our work, too!
Here at ALSouth Appraisal Services LLC, you can be sure of our truthful judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings.