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Getting a second opinion on an appraisalAs said 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 producing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Henderson Evaluation Services provides appraisal review services that are impartial, efficient, professional and square with the Federal Reserve's guidelines.A review appraisal has to pursue: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the method by which the collateral valuation is accomplished guarantees independence and quality. The review should also demonstrate whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the reach 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 tailoring our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are typically 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 Henderson Evaluation Services, we are qualified in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
At Henderson Evaluation Services, you can be sure of our honest 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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We are familiar with what the most frequent report imperfections are, specifically in our housing market, as well as what represents a quality appraisal.
We're also experienced enough to recognize that the competition in our market are skillful in doing good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to lawfully look over appraisal reports performed by others. And those others could be reviewing our work, too!