For the Best Home Appraisers
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 appraisers performing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Andel Appraisals provides appraisal review services that are objective, expert, professional and square with the Federal Reserve's regulations.
A review appraisal should reveal: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the procedures by which the collateral valuation is attained guarantees independence and quality. They must also announce whether the appraisal or evaluation report matches the engagement letter, which describes the extent of the appraisal assignment. 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 tailoring our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are widely 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 Andel Appraisals, we are skilled in all types of appraisal reviews, review practices and the requirements of review appraisers.
We understand what the greatest reporting inadequacies are, particularly in our real estate market. We also know what constitutes a quality appraisal. Concurrently, we are proficient enough to recognize that our competitors in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on Andel Appraisals to ethically look over appraisal reports done by others. And those others may be studying our work, too!
Here at Andel Appraisals, you can trust our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Andel Appraisals for more information about our qualifications, expertise and services offered.