Getting a second opinion on an appraisal
According to 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 prudent for appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
At Barnes Appraisal Company, we provide appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's regulations.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the manners by which the collateral valuation is obtained guarantees independence and quality.
In addition, they must show whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the outlook 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 tailoring our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we can develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
At Barnes Appraisal Company, we are qualified in all types of appraisal reviews, review procedures and the requirements of review appraisers.
We're aware of what amounts to a quality appraisal and what the most prevalent imperfections are, especially for reports in our home market.
In the same sense, we are trained enough to know that the competition in our market are capable of doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to justly review appraisal reports performed by others. And those others may be evaluating our work, too!
In short, when you choose Barnes Appraisal Company, you can count on our honest judgment, because we offer professional, fair, ethical appraisal review services for our clients.
Contact us for more information regarding our qualifications, expertise and service offerings.