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 undertaking reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." QC Home Appraisal provides appraisal review services that are impartial, expert, 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 liability inherit in the transaction, and whether the actions by which the collateral valuation is attained guarantees independence and quality. In addition, they should announce whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the scope 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 tailoring our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we will formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At QC Home Appraisal, we are trained in every form of appraisal review, review process and the obligations of review appraisers.
We are aware of what the most prevalent report deficiencies are, specifically in our real estate market, as well as what amounts to a quality appraisal. We're also amply trained to respect that our competitors in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust QC Home Appraisal to objectively evaluate appraisal reports performed by others. And those others could be evaluating our work, too!
You can rely on QC Home Appraisal for our honest judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and services offered.