|
Getting a second opinion on an appraisalAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers undertaking reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." RCA Appraisals provides appraisal review services that are impartial, efficient, professional and compliant with the Federal Reserve's rules.A review appraisal has to reveal: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the procedures by which the property valuation is attained ensures independence and quality. Moreover, they must show whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the outlook 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 coordinating our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we will produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At RCA Appraisals, we are qualified in all kinds of appraisal reviews, review procedures and the requirements of review appraisers.
When you choose RCA Appraisals, you can have confidence in our honest judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings. |
|||||||||
RCA Appraisals knows what the typical report imperfections are, particularly in our real estate market, as well as what amounts to a quality appraisal.
In this regard, the professionals at RCA Appraisals are sufficiently trained to distinguish that the competitors in our market are capable of a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to ethically examine appraisal reports completed by others. And those others could be examining our work, too!