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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 duty of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Laura V Stehling Appraisals, we provide appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's regulations.A review appraisal has to reveal: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the procedure by which the collateral valuation is attained ensures independence and quality. The review should also signify whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the depth 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 forms and guidelines of our review customers, there are four Fannie Mae forms that are normally 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. At Laura V Stehling Appraisals, we're qualified in all kinds of appraisal reviews, review procedures and the requirements of review appraisers.
In short, at Laura V Stehling Appraisals, you can have confidence in our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Laura V Stehling Appraisals regarding our qualifications, expertise and services offered. |
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We realize what the greatest reporting deficiencies are, especially in our home market. We also know what makes a quality appraisal.
We're also experienced enough to realize that our competition in our market are qualified to do quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Laura V Stehling Appraisals to justly examine appraisal reports performed by others. And those others could be studying our work, too!