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Getting a second opinion on an appraisalAccording 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 call of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Ohline Appraisals, we provide appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's guidelines.A review appraisal has to reveal: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the means by which the property valuation is accomplished ensures independence and quality. They should also signify whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the range of the appraisal assignment. Lastly, the Fed also 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 conforming our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Ohline Appraisals, we are qualified in every form of appraisal review, review procedure and the requirements of review appraisers.
For professional, objective, ethical appraisal review services and truthful judgments, you can count on Ohline Appraisals. Contact Ohline Appraisals regarding our qualifications, expertise and services offered. |
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We're aware of what represents a quality appraisal and what the biggest inadequacies are, especially for reports in our local real estate market.
Concurrently, we're sufficiently skilled to respect that the competition in our market are able to do a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to ethically look over appraisal reports executed by others. And those others may be evaluating our work, too!