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 appraisers preparing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At COOPER RESIDENTIAL SERVICES, we provide appraisal review services that are independent, expert, professional and square with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the method by which the collateral valuation is rendered guarantees independence and quality. In addition, they should indicate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the extent of the appraisal assignment. Lastly, the Fed 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 mostly used for review services, and we can prepare 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 COOPER RESIDENTIAL SERVICES, we're skilled in all types of appraisal reviews, review practices and the responsibilities of review appraisers.
COOPER RESIDENTIAL SERVICES is aware of what represents a quality appraisal and what the most common imperfections are, specifically in our local real estate market. We're also experienced enough to acknowledge that the competition in our market are skillful in doing good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on COOPER RESIDENTIAL SERVICES to lawfully review appraisal reports carried out by others. And those others might be reviewing our work, too!
You can count on COOPER RESIDENTIAL SERVICES for our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and services offered.