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." Here at August Schultz & Associates Inc., we provide appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's rules.
A review appraisal should detect: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the procedure by which the real estate valuation is acquired ensures independence and quality. The review must also denote whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the depth of the appraisal assignment. The Fed also 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".
In addition to tailoring our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we can develop 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 August Schultz & Associates Inc., we are trained in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
We understand what the most frequent report defects are, particularly in our housing market, as well as what represents a quality appraisal. We're also sufficiently experienced to acknowledge that the competitors in our market are capable of doing a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to justly evaluate appraisal reports performed by others. And those others might be evaluating our work, too!
For professional, fair, ethical appraisal review services and truthful judgments, you can rely on August Schultz & Associates Inc.. Contact August Schultz & Associates Inc. for more information regarding our qualifications, expertise and services offered.