Getting a second opinion on an appraisalAs stated in 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 prudent for appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Atlantic Appraisal Solutions, LLC, we provide appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's rules.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the processes by which the property valuation is accomplished ensures independence and quality. They should also denote whether the appraisal or evaluation report is in line with the engagement letter, which gives an account of the range of the appraisal assignment. Lastly, the Federal Reserve 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 tailoring our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Atlantic Appraisal Solutions, LLC, we are qualified in every kind of appraisal review, review process and the requirements of review appraisers.
We are familiar with what the most prevalent report imperfections are, specifically in our home market, as well as what represents a quality appraisal. In the same regard, we're proficient enough to realize that our competitors in our market are skillful in doing a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust Atlantic Appraisal Solutions, LLC to ethically look over appraisal reports completed by others. And those others might be examining our work, too!
You can count on Atlantic Appraisal Solutions, LLC for our honest judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings.