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 appraisers producing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Roadrunner Appraisals, Inc. provides appraisal review services that are unbiased, expert, professional and square with the Federal Reserve's regulations.
A review appraisal has to ascertain: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the manners by which the real estate valuation is obtained ensures independence and quality. The review must also denote whether the appraisal or evaluation report is in line with the engagement letter, which gives an account of the range of the appraisal assignment. Lastly, the Federal Reserve 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 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 of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Roadrunner Appraisals, Inc., we are trained in all forms of appraisal reviews, review processes and the responsibilities of review appraisers.
We realize what the biggest reporting imperfections are, particularly in our real estate market. We also understand what constitutes a quality appraisal. Concurrently, we're experienced enough to distinguish that the competitors in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust Roadrunner Appraisals, Inc. to justly study appraisal reports executed by others. And those others could be reviewing our work, too!
In short, here at Roadrunner Appraisals, Inc., you can be sure of our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and services offered.