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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 doing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at MBC Appraisals, INC, we provide appraisal review services that are independent, expert, professional and in line with the Federal Reserve's regulations.A review appraisal has to verify: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the processes by which the property valuation is acquired guarantees independence and quality. Moreover, they must announce whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the scope of the appraisal assignment. The Federal Reserve also states 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 coordinating our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are primarily 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 MBC Appraisals, INC, we're trained in every form of appraisal review, review process and the requirements of review appraisers.
Here at MBC Appraisals, INC, you can trust our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact MBC Appraisals, INC for more information regarding our qualifications, expertise and services offered. |
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MBC Appraisals, INC understands what the most likely report weaknesses are, particularly in our housing market, as well as what makes a quality appraisal.
At the same time, we're proficient enough to know that the competitors in our market are skillful in doing a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to fairly look over appraisal reports done by others. And those others could be examining our work, too!