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Getting a second opinion on an appraisalAs said in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers performing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Bernabe & Barnett, we provide appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's regulations.The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the process by which the collateral valuation is obtained guarantees independence and quality. The review must also announce whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the reach of the appraisal assignment. The Federal Reserve goes on to say 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 coordinating our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we will formulate 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 Bernabe & Barnett, we're qualified in all kinds of appraisal reviews, review processes and the obligations of review appraisers.
For professional, unbiased, ethical appraisal review services and truthful judgments, you can count on Bernabe & Barnett. Contact us to learn more about our qualifications, expertise and service offerings. |
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We know what constitutes a quality appraisal and what the greatest errors are, especially for reports in our local housing market.
The professionals at Bernabe & Barnett are also sufficiently experienced to know that the competition in our market are capable of doing good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to fairly examine appraisal reports completed by others. And those others might be reviewing our work, too!