|
Getting a second opinion on an appraisalAccording to 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 expectation of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Benchmark Real Estate Services provides appraisal review services that are impartial, expert, professional and compliant 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 risk inherit in the transaction, and whether the processes by which the real estate valuation is accomplished guarantees independence and quality. Moreover, they should announce whether the appraisal or evaluation report is consistent with the engagement letter, which describes the capacity 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 tailoring our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are normally 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 Benchmark Real Estate Services, we're skilled in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
You can depend on Benchmark Real Estate Services for our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Benchmark Real Estate Services regarding our qualifications, expertise and service offerings. |
|||||||||
We know what the greatest reporting imperfections are, particularly in our home market. We also understand what represents a quality appraisal.
In this regard, we're adequately experienced to admit that the competitors in our market are qualified to do a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to justly study appraisal reports carried out by others. And those others may be evaluating our work, too!