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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 undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Reliable Inspection Service provides appraisal review services that are independent, expert, professional and square with the Federal Reserve's guidelines.A review appraisal has to find out: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the manners by which the real estate valuation is accomplished ensures independence and quality. Moreover, they must denote whether the appraisal or evaluation report is in line with the letter of engagement, which gives an account of the range of the appraisal assignment. Lastly, the Federal Reserve notes 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 processes and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Reliable Inspection Service, we're qualified in every form of appraisal review, review procedure and the responsibilities of review appraisers.
In short, when you choose Reliable Inspection Service, you can count on our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and services offered. |
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We are aware of what the most frequent reporting inadequacies are, especially in our home market. We also understand what amounts to a quality appraisal.
In the same sense, the professionals at Reliable Inspection Service are amply skilled to admit that the competition in our market are qualified to do good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Reliable Inspection Service to objectively assess appraisal reports done by others. And those others might be reviewing our work, too!