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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 it's the prudent for appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Leah Reynolds provides appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's rules.A review appraisal has to detect: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the methods by which the real estate valuation is acquired guarantees independence and quality. Moreover, they should show whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the extent of the appraisal assignment. The Federal Reserve also 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 adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we'll produce 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 Leah Reynolds, we are skilled in every kind of appraisal review, review procedure and the requirements of review appraisers.
Here at Leah Reynolds, you can have confidence in our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings. |
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Leah Reynolds understands what the biggest reporting inadequacies are, particularly in our housing market. We also know what makes a quality appraisal.
We're also amply skilled to respect that the competitors in our market are skillful in doing a good job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to ethically examine appraisal reports done by others. And those others could be reviewing our work, too!