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 completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at McChessney Appraisal Service, we provide appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's rules.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the methods by which the real estate valuation is attained guarantees independence and quality. They must also indicate whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the scope of the appraisal assignment. The Federal Reserve 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 adapting our work to the practices 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 of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At McChessney Appraisal Service, we are qualified in every form of appraisal review, review procedure and the responsibilities of review appraisers.
McChessney Appraisal Service realizes what the typical report weaknesses are, particularly in our home market, as well as what represents a quality appraisal. The professionals at McChessney Appraisal Service are also skilled enough to respect that the competitors in our market are qualified to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on McChessney Appraisal Service to lawfully assess appraisal reports completed by others. And those others might be examining our work, too!
For professional, impartial, ethical appraisal review services and neutral judgments, you can rely on McChessney Appraisal Service. Contact McChessney Appraisal Service to learn more about our qualifications, expertise and services offered.