|
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 it's the prudent for appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Martin Slee provides appraisal review services that are objective, qualified, professional and square with the Federal Reserve's regulations.A review appraisal has to pursue: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the manner by which the real estate valuation is attained guarantees independence and quality. In addition, they should signify whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the outlook of the appraisal assignment. Lastly, the Fed also 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 adjusting our work to the processes 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 of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Martin Slee, we're experienced in all forms of appraisal reviews, review processes and the obligations of review appraisers.
You can count on Martin Slee for our truthful judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and services offered. |
|||||||||
We realize what constitutes a quality appraisal and what the most prevalent errors are, especially for reports in our home market.
In this regard, the professionals at Martin Slee are amply skilled to respect that the competition in our market are capable of doing a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to justly evaluate appraisal reports completed by others. And those others may be reviewing our work, too!