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 completing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Veritech Appraisal provides appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's rules.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the methods by which the real estate valuation is acquired guarantees independence and quality. Moreover, they should signify whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the capacity of the appraisal assignment. Lastly, the Federal Reserve 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 conforming our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we will produce 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 Veritech Appraisal, we are skilled in every form of appraisal review, review procedure and the obligations of review appraisers.
Veritech Appraisal realizes what the biggest reporting weaknesses are, particularly in our home market. We also understand what constitutes a quality appraisal. In the same regard, we are proficient enough to know that our competition in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Veritech Appraisal to fairly review appraisal reports carried out by others. And those others may be examining our work, too!
At Veritech Appraisal, you can be sure of our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Veritech Appraisal for more information regarding our qualifications, expertise and service offerings.