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Getting a second opinion on an appraisalAccording to 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 duty of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Metropolitan Appraisal Service, provides appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's guidelines.The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the process by which the property valuation is attained guarantees independence and quality. Moreover, they must show whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the scope of the appraisal assignment. Lastly, 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 tailoring our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll 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 Metropolitan Appraisal Service,, we are skilled in every type of appraisal review, review process and the obligations of review appraisers.
For professional, objective, ethical appraisal review services and neutral judgments, you can count on Metropolitan Appraisal Service,. Contact us to learn more about our qualifications, expertise and services offered. |
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Metropolitan Appraisal Service, understands what the most frequent report imperfections are, specifically in our real estate market, as well as what constitutes a quality appraisal.
In this regard, the professionals at Metropolitan Appraisal Service, are adequately experienced to distinguish that the competition in our market are qualified to do good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to objectively look over appraisal reports performed by others. And those others might be studying our work, too!