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Getting a second opinion on an appraisalAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers producing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Rodgers Appraisal, we provide appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's regulations.The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the manners by which the collateral valuation is attained ensures independence and quality. Moreover, they must demonstrate whether the appraisal or evaluation report is in line with the letter of engagement, which gives an account of the capacity of the appraisal assignment. Lastly, the Fed 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 adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Rodgers Appraisal, we are experienced in every form of appraisal review, review process and the responsibilities of review appraisers.
In short, here at Rodgers Appraisal, you can have confidence in our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and services offered. |
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Rodgers Appraisal knows what represents a quality appraisal and what the most prevalent deficiencies are, especially when it comes to our local real estate market.
In this regard, we're trained enough to admit that the competitors in our market are qualified to do a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Rodgers Appraisal to justly review appraisal reports done by others. And those others might be examining our work, too!