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 appraisers completing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Lobos Appraisers, we provide appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's guidelines.
A review appraisal should ascertain: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the manners by which the collateral valuation is attained guarantees independence and quality. In addition, they should announce whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the outlook of the appraisal assignment. Lastly, the Fed also 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 adjusting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are primarily 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 Lobos Appraisers, we're trained in all kinds of appraisal reviews, review practices and the requirements of review appraisers.
We realize what the most common reporting imperfections are, specifically in our housing market. We also understand what constitutes a quality appraisal. We're also adequately skilled to admit that our competition in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Lobos Appraisers to lawfully examine appraisal reports carried out by others. And those others may be studying our work, too!
Here at Lobos Appraisers, you can trust our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Lobos Appraisers to learn more about our qualifications, expertise and service offerings.