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 producing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Fuller Partners Appraisals, LLC, we provide appraisal review services that are objective, expert, professional and in line with the Federal Reserve's rules.
A review appraisal should verify: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the methods by which the collateral valuation is accomplished ensures independence and quality. The review should also denote whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the depth 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 coordinating our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we can prepare 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 Fuller Partners Appraisals, LLC, we're qualified in every kind of appraisal review, review process and the requirements of review appraisers.
Fuller Partners Appraisals, LLC realizes what the most frequent report inadequacies are, particularly in our home market, as well as what amounts to a quality appraisal. We're also adequately trained to admit that the competition in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to lawfully evaluate appraisal reports performed by others. And those others might be studying our work, too!
You can trust Fuller Partners Appraisals, LLC for our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Fuller Partners Appraisals, LLC to learn more about our qualifications, expertise and services offered.