Getting a second opinion on an appraisalAccording to 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 responsibility of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Homefront Appraisals provides appraisal review services that are independent, expert, professional and square with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the actions by which the collateral valuation is accomplished ensures independence and quality. The review must also demonstrate whether the appraisal or evaluation report is in line with the engagement letter, which describes the depth of the appraisal assignment. Lastly, 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 adapting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we'll 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 Homefront Appraisals, we're experienced in every form of appraisal review, review process and the responsibilities of review appraisers.
We are familiar with what amounts to a quality appraisal and what the greatest deficiencies are, especially when it comes to our local housing market. We're also trained enough to recognize that the competition in our market are skillful in doing a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to lawfully study appraisal reports completed by others. And those others might be reviewing our work, too!
When you choose Homefront Appraisals, you can count on our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Homefront Appraisals for more information regarding our qualifications, expertise and service offerings.