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 it's the responsibility of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Cardinal Real Estate, we provide appraisal review services that are impartial, expert, professional and square with the Federal Reserve's regulations.
A review appraisal should reveal: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the method by which the collateral valuation is rendered guarantees independence and quality. The review should also denote whether the appraisal or evaluation report matches the letter of engagement, which describes the scope of the appraisal assignment. Lastly, the Fed also says 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 normally used for review services, and we will 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. Here at Cardinal Real Estate, we are trained in every form of appraisal review, review procedure and the obligations of review appraisers.
Cardinal Real Estate is aware of what the biggest reporting inadequacies are, specifically in our home market. We also understand what represents a quality appraisal. In the same regard, we are skilled enough to admit that our competitors in our market are skillful in doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to lawfully look over appraisal reports completed by others. And those others may be studying our work, too!
At Cardinal Real Estate, you can trust our truthful judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and service offerings.