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 prudent for appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Bearing Commercial Appraisal, we provide appraisal review services that are impartial, qualified, professional and in accordance with the Federal Reserve's rules.
A review appraisal should verify: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the method by which the collateral valuation is rendered ensures independence and quality. Moreover, they must indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the range of the appraisal assignment. The Fed also 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 practices and guidelines of our review clients, there are four Fannie Mae forms that are normally 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 Bearing Commercial Appraisal, we are experienced in every type of appraisal review, review procedure and the requirements of review appraisers.
Bearing Commercial Appraisal understands what the most prevalent reporting deficiencies are, especially in our home market. We also understand what represents a quality appraisal. The professionals at Bearing Commercial Appraisal are also amply experienced to identify that the competitors in our market are capable of doing a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to ethically valuate appraisal reports performed by others. And those others could be examining our work, too!
At Bearing Commercial Appraisal, you can have confidence in our truthful judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and service offerings.