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 preparing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Arrow Appraisals LLC, we provide appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's regulations.
A review appraisal should verify: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the means by which the property valuation is attained guarantees independence and quality. Moreover, they must show whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the scope 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 adjusting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we can 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 Arrow Appraisals LLC, we're skilled in every kind of appraisal review, review procedure and the responsibilities of review appraisers.
We're aware of what the most frequent reporting deficiencies are, especially in our housing market. We also understand what constitutes a quality appraisal. Concurrently, we are experienced enough to admit that our competitors in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to justly evaluate appraisal reports carried out by others. And those others may be evaluating our work, too!
For professional, objective, ethical appraisal review services and honest judgments, you can count on Arrow Appraisals LLC. Contact us regarding our qualifications, expertise and services offered.