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Getting a second opinion on an appraisal
According to an announcement
by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that
appraisers engaged in reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Michael P. Clover provides appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's guidelines.
A review appraisal has to find out: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the practices by which the real estate valuation is acquired ensures independence and quality.
The review should also show whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the extent of the appraisal assignment.
The Fed 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".
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If you need a real estate appraisal review or have questions about an appraisal, call us today. |
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In addition to adapting 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 will prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
At Michael P. Clover, we are experienced in every type of appraisal review, review procedure and the requirements of review appraisers.
Michael P. Clover knows what the most prevalent reporting inadequacies are, especially in our real estate market. We also understand what amounts to a quality appraisal.
We're also amply skilled to acknowledge that the competitors in our market are qualified to do a fine job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to lawfully study appraisal reports carried out by others. And those others might be studying our work, too!
For professional, objective, ethical appraisal review services and neutral judgments, you can depend on Michael P. Clover.
Contact us regarding our qualifications, expertise and service offerings.
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