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 appraisers preparing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Winn Appraisal Services, we provide appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the processes by which the collateral valuation is acquired ensures independence and quality. They should also indicate whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the reach of the appraisal assignment. The Federal Reserve also states 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 conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we can 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 Winn Appraisal Services, we are trained in all kinds of appraisal reviews, review procedures and the obligations of review appraisers.
We're aware of what the most common reporting defects are, specifically in our home market. We also understand what amounts to a quality appraisal. In this regard, we're professional enough to know that our competition 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 rely on us to ethically evaluate appraisal reports executed by others. And those others could be reviewing our work, too!
At Winn Appraisal Services, you can be sure of our truthful judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and services offered.