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 it's the duty of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Peak Appraisals, Inc., we provide appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the procedure by which the property valuation is accomplished ensures independence and quality. They must also indicate whether the appraisal or evaluation report is true to the letter of engagement, which describes the extent of the appraisal assignment. The Federal Reserve 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 adjusting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Peak Appraisals, Inc., we are qualified in every kind of appraisal review, review procedure and the requirements of review appraisers.
We understand what represents a quality appraisal and what the biggest imperfections are, particularly in our local housing market. We're also sufficiently trained to realize that our competition in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to fairly study appraisal reports executed by others. And those others might be studying our work, too!
At Peak Appraisals, Inc., you can be sure of our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings.