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 obligation of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Amis Appraisals, we provide appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's regulations.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the procedures by which the property valuation is rendered ensures independence and quality. They should also denote whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the extent of the appraisal assignment. The Fed 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 coordinating our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we will 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 Amis Appraisals, we're trained in every kind of appraisal review, review practice and the responsibilities of review appraisers.
Amis Appraisals is aware of what the most common report weaknesses are, especially in our housing market, as well as what amounts to a quality appraisal. We're also trained enough to acknowledge that the competition in our market are capable of doing a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to justly examine appraisal reports performed by others. And those others could be evaluating our work, too!
You can depend on Amis Appraisals for our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and services offered.