Getting a second opinion on an appraisalAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the call of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At DAS Appraisals, we provide appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's rules.
A review appraisal has to determine: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the practices by which the collateral valuation is accomplished guarantees independence and quality. They must also signify whether the appraisal or evaluation report matches the engagement letter, which sets forth the scope 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 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 formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At DAS Appraisals, we're skilled in every form of appraisal review, review process and the obligations of review appraisers.
DAS Appraisals is aware of what the biggest reporting imperfections are, particularly in our real estate market. We also understand what makes a quality appraisal. We're also skilled enough to admit that the competitors in our market are capable of good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to justly valuate appraisal reports performed by others. And those others might be reviewing our work, too!
In short, when you choose DAS Appraisals, you can be sure of our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings.