|
Getting a second opinion on an appraisalAs stated in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the duty of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Mathes Appraisals LLC provides appraisal review services that are independent, efficient, professional and compliant with the Federal Reserve's rules.A review appraisal has to verify: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the procedures by which the real estate valuation is rendered guarantees independence and quality. Moreover, they must demonstrate whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the outlook 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 conforming our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Mathes Appraisals LLC, we're experienced in all types of appraisal reviews, review practices and the responsibilities of review appraisers.
When you choose Mathes Appraisals LLC, you can rely on our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings. |
|||||||||
We know what represents a quality appraisal and what the most common imperfections are, especially when it comes to our local real estate market.
In this regard, we're adequately skilled to respect that our competition in our market are qualified to do a good job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Mathes Appraisals LLC to objectively valuate appraisal reports completed by others. And those others might be studying our work, too!