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Getting a second opinion on an appraisalAs said in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers fulfilling reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." BrandonBrooks provides appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's guidelines.A review appraisal has to reveal: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the practices by which the real estate valuation is attained ensures independence and quality. The review must also signify whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the depth 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 conforming 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 one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at BrandonBrooks, we're qualified in every type of appraisal review, review process and the responsibilities of review appraisers.
In short, when you choose BrandonBrooks, you can have confidence in our honest judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact BrandonBrooks for more information regarding our qualifications, expertise and services offered. |
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BrandonBrooks is aware of what the most frequent report weaknesses are, especially in our housing market, as well as what amounts to a quality appraisal.
We're also sufficiently experienced to respect that our competition in our market are skillful in doing good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to lawfully evaluate appraisal reports executed by others. And those others could be reviewing our work, too!