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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 obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Coleman Appraisal, we provide appraisal review services that are objective, qualified, professional and in line with the Federal Reserve's regulations.A review appraisal should find out: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the manners by which the collateral valuation is attained ensures independence and quality. They should also signify whether the appraisal or evaluation report is true to the letter of engagement, which describes the extent of the appraisal assignment. The Federal Reserve goes on to say 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 usually used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Coleman Appraisal, we are qualified in every kind of appraisal review, review process and the obligations of review appraisers.
You can count on Coleman Appraisal for our truthful judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Coleman Appraisal regarding our qualifications, expertise and service offerings. |
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We know what amounts to a quality appraisal and what the most common deficiencies are, particularly when it comes to our home market.
In this regard, we are professional enough to realize that the competitors in our market are skillful in doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Coleman Appraisal to lawfully look over appraisal reports performed by others. And those others could be reviewing our work, too!