Getting a second opinion on an appraisalAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers fulfilling reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Dan Dean provides appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's rules.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the method by which the collateral valuation is rendered ensures independence and quality. In addition, they must signify whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the outlook of the appraisal assignment. The Federal Reserve also 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 adjusting 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 formulate 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 Dan Dean, we're qualified in all forms of appraisal reviews, review processes and the requirements of review appraisers.
We understand what the biggest reporting imperfections are, especially in our real estate market. We also understand what makes a quality appraisal. Concurrently, we're professional enough to recognize that our competitors in our market are skillful in doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to fairly examine appraisal reports performed by others. And those others might be reviewing our work, too!
For professional, objective, ethical appraisal review services and neutral judgments, you can depend on Dan Dean. Contact Dan Dean regarding our qualifications, expertise and services offered.