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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 appraisers fulfilling reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." CFB Appraisal provides appraisal review services that are unbiased, qualified, professional and in accordance with the Federal Reserve's rules.A review appraisal has to find out: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the processes by which the property valuation is obtained ensures independence and quality. In addition, they must indicate whether the appraisal or evaluation report is true to the engagement letter, which describes the extent of the appraisal assignment. The Federal Reserve also 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 adjusting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we will develop 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 CFB Appraisal, we are trained in every kind of appraisal review, review practice and the requirements of review appraisers.
In short, here at CFB Appraisal, you can rely on our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered. |
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We're aware of what represents a quality appraisal and what the biggest errors are, especially when it comes to our home market.
In this regard, we are professional enough to respect that the competitors in our market are able to do a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust CFB Appraisal to lawfully review appraisal reports performed by others. And those others might be evaluating our work, too!