Getting a second opinion on an appraisalAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the expectation of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Capital City Valuation, we provide appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the processes by which the property valuation is acquired guarantees independence and quality. They must also announce whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the reach of the appraisal assignment. Lastly, the Fed 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 adapting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we will develop 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 Capital City Valuation, we're skilled in every kind of appraisal review, review practice and the responsibilities of review appraisers.
Capital City Valuation knows what the most common report imperfections are, specifically in our housing market, as well as what amounts to a quality appraisal. In the same regard, we're amply experienced to respect that the 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 Capital City Valuation to objectively review appraisal reports executed by others. And those others could be examining our work, too!
In short, here at Capital City Valuation, you can trust our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Capital City Valuation for more information about our qualifications, expertise and services offered.