Getting a second opinion on an appraisal
As 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 responsibility of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Here at Barnes Appraisal Company, we provide appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the method by which the collateral valuation is rendered ensures independence and quality.
In addition, they should signify whether the appraisal or evaluation report matches the engagement letter, which describes the extent of the appraisal assignment.
The Fed says 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 regulations and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will 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 Barnes Appraisal Company, we are qualified in every kind of appraisal review, review procedure and the requirements of review appraisers.
We understand what the biggest reporting inadequacies are, especially in our home market. We also know what makes a quality appraisal.
The professionals at Barnes Appraisal Company are also amply skilled to know that the competitors in our market are qualified to do a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Barnes Appraisal Company to fairly examine appraisal reports executed by others. And those others may be reviewing our work, too!
In short, here at Barnes Appraisal Company, you can trust our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients.
Contact Barnes Appraisal Company to learn more about our qualifications, expertise and service offerings.