|
Getting a second opinion on an appraisalAs stated 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 completing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Helmer Appraisal, we provide appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's guidelines.The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the actions by which the property valuation is rendered ensures independence and quality. In addition, they must indicate whether the appraisal or evaluation report is compatible with the engagement letter, which describes the scope of the appraisal assignment. Lastly, the Fed also states 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 practices and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we will 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 Helmer Appraisal, we are qualified in every form of appraisal review, review procedure and the requirements of review appraisers.
At Helmer Appraisal, you can count on our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings. |
|||||||||
Helmer Appraisal realizes what the most frequent report inadequacies are, particularly in our home market, as well as what amounts to a quality appraisal.
At the same time, we're sufficiently trained to recognize 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 trust Helmer Appraisal to objectively study appraisal reports carried out by others. And those others may be studying our work, too!