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 doing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Riverpoint Appraisals, we provide appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the actions by which the property valuation is accomplished ensures independence and quality. They must also indicate whether the appraisal or evaluation report is in line with the letter of engagement, which describes the reach of the appraisal assignment. The Fed also notes 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 processes and guidelines of our review clients, there are four Fannie Mae forms that are widely 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 Riverpoint Appraisals, we are skilled in every form of appraisal review, review procedure and the obligations of review appraisers.
Riverpoint Appraisals realizes what the typical report defects are, particularly in our housing market, as well as what constitutes a quality appraisal. In this regard, we are proficient enough to respect that our competitors in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Riverpoint Appraisals to fairly evaluate appraisal reports done by others. And those others could be reviewing our work, too!
At Riverpoint Appraisals, you can be sure of our independent judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered.