Getting a second opinion on an appraisalAccording to 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 obligation of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." M & B Appraisals, LLC provides appraisal review services that are objective, expert, professional and in line with the Federal Reserve's regulations.
A review appraisal has to verify: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the processes by which the collateral valuation is rendered ensures independence and quality. The review should also denote whether the appraisal or evaluation report matches the engagement letter, which describes the reach of the appraisal assignment. Lastly, the Fed 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 processes and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we'll 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 M & B Appraisals, LLC, we are trained in all forms of appraisal reviews, review practices and the requirements of review appraisers.
We're aware of what constitutes a quality appraisal and what the greatest imperfections are, particularly when it comes to our local housing market. The professionals at M & B Appraisals, LLC are also trained enough to acknowledge that our competition in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on M & B Appraisals, LLC to ethically assess appraisal reports executed by others. And those others may be evaluating our work, too!
In short, when you choose M & B Appraisals, LLC, you can rely on our independent judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact M & B Appraisals, LLC for more information regarding our qualifications, expertise and services offered.