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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 obligation of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Browning Appraisal provides appraisal review services that are objective, qualified, professional and square with the Federal Reserve's guidelines.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the processes by which the real estate valuation is accomplished guarantees independence and quality. They should also indicate whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the reach of the appraisal assignment. Lastly, the Fed 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 conforming 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 formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Browning Appraisal, we're qualified in every form of appraisal review, review practice and the responsibilities of review appraisers.
At Browning Appraisal, you can rely on our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and services offered. |
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Browning Appraisal is aware of what represents a quality appraisal and what the most common defects are, particularly in our home market.
The professionals at Browning Appraisal are also sufficiently experienced to realize that the competitors in our market are capable of doing good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to justly evaluate appraisal reports performed by others. And those others may be evaluating our work, too!