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Getting a second opinion on an appraisalAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers undertaking reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Laramie Peak Appraisal Service, LLC, we provide appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's rules.A review appraisal has to detect: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the actions by which the property valuation is obtained guarantees independence and quality. The review must also indicate whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the extent 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 primarily used for review services, and we'll produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Laramie Peak Appraisal Service, LLC, we're skilled in every kind of appraisal review, review procedure and the responsibilities of review appraisers.
In short, here at Laramie Peak Appraisal Service, LLC, you can count on our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and services offered. |
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We know what the most common report defects are, specifically in our home market, as well as what makes a quality appraisal.
At the same time, we are experienced enough to respect that the competition in our market are capable of a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Laramie Peak Appraisal Service, LLC to ethically review appraisal reports executed by others. And those others could be reviewing our work, too!