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Getting a second opinion on an appraisalAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the expectation of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at 3C Appraisals, Inc., we provide appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's regulations.The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the means by which the collateral valuation is acquired guarantees independence and quality. In addition, they must show whether the appraisal or evaluation report is in line with the letter of engagement, which gives an account of the capacity of the appraisal assignment. Lastly, the Fed also says 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 adapting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we'll develop 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 3C Appraisals, Inc., we are trained in all types of appraisal reviews, review procedures and the requirements of review appraisers.
In short, at 3C Appraisals, Inc., you can rely on our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact 3C Appraisals, Inc. for more information regarding our qualifications, expertise and service offerings. |
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3C Appraisals, Inc. knows what represents a quality appraisal and what the most prevalent imperfections are, specifically in our local real estate market.
We're also experienced enough to identify that the competition in our market are capable of quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to ethically review appraisal reports carried out by others. And those others might be studying our work, too!