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Getting a second opinion on an appraisalAs stated 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 doing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Total Appraisal Services, Inc. provides appraisal review services that are objective, expert, professional and square with the Federal Reserve's rules.The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the methods by which the collateral valuation is obtained guarantees independence and quality. Moreover, they should announce whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the extent of the appraisal assignment. The Fed 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 tailoring our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we will prepare 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 Total Appraisal Services, Inc., we are qualified in every form of appraisal review, review procedure and the obligations of review appraisers.
You can trust Total Appraisal Services, Inc. for our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Total Appraisal Services, Inc. to learn more about our qualifications, expertise and services offered. |
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We are familiar with what makes a quality appraisal and what the most frequent imperfections are, particularly when it comes to our local housing market.
The professionals at Total Appraisal Services, Inc. are also adequately experienced to acknowledge that our competitors in our market are able to do quality work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Total Appraisal Services, Inc. to ethically study appraisal reports performed by others. And those others may be reviewing our work, too!