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 it's the duty of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Colorado Appraisal Services, we provide appraisal review services that are objective, qualified, 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 appropriate for the transaction, the exposure inherit in the transaction, and whether the method by which the property valuation is acquired ensures independence and quality. Moreover, they should announce whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the outlook of the appraisal assignment. Lastly, the Federal Reserve 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 conforming our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Colorado Appraisal Services, we're qualified in every kind of appraisal review, review process and the requirements of review appraisers.
We understand what amounts to a quality appraisal and what the most common deficiencies are, particularly in our local housing market. We're also trained enough to realize that our competitors in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to lawfully look over appraisal reports performed by others. And those others may be studying our work, too!
You can depend on Colorado Appraisal Services for our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Colorado Appraisal Services for more information about our qualifications, expertise and services offered.