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 performing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Appraisal Keys, Inc provides appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's rules.
The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the manner by which the property valuation is obtained ensures independence and quality. Moreover, they must 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. 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 adapting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we'll develop 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 Appraisal Keys, Inc, we're trained in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.
We are familiar with what the biggest reporting weaknesses are, especially in our real estate market. We also understand what constitutes a quality appraisal. We're also experienced enough to admit that the competitors in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to objectively look over appraisal reports done by others. And those others might be reviewing our work, too!
In short, here at Appraisal Keys, Inc, you can trust our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and services offered.