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 it's the expectation of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Kent Watson Appraisals, we provide appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's regulations.
A review appraisal has to determine: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the procedures by which the collateral valuation is accomplished ensures independence and quality. In addition, they should signify whether the appraisal or evaluation report is compatible with the engagement letter, which describes the outlook of the appraisal assignment. Lastly, the Fed also 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 adapting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are primarily 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. Here at Kent Watson Appraisals, we are experienced in all kinds of appraisal reviews, review procedures and the responsibilities of review appraisers.
We understand what the greatest reporting weaknesses are, particularly in our housing market. We also know what constitutes a quality appraisal. Concurrently, the professionals at Kent Watson Appraisals are adequately skilled to realize that our competitors in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to fairly review appraisal reports carried out by others. And those others might be evaluating our work, too!
In short, at Kent Watson Appraisals, you can be sure of our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings.