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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 obligation of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Horizon Appraisals, we provide appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's regulations.The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the actions by which the property valuation is acquired guarantees independence and quality. The review must also denote whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the depth of the appraisal assignment. Lastly, the Fed 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 adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are normally 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. At Horizon Appraisals, we are experienced in all kinds of appraisal reviews, review procedures and the obligations of review appraisers.
You can rely on Horizon Appraisals for our truthful judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and services offered. |
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Horizon Appraisals realizes what the most frequent report defects are, especially in our real estate market, as well as what represents a quality appraisal.
At the same time, we are adequately skilled to distinguish that the competitors in our market are capable of good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to fairly examine appraisal reports executed by others. And those others might be reviewing our work, too!