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 engaged in reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Kunz Appraisals, we provide appraisal review services that are impartial, qualified, professional and in accordance with the Federal Reserve's guidelines.A review appraisal has to detect: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the method by which the real estate valuation is obtained ensures independence and quality. In addition, they should show whether the appraisal or evaluation report matches the engagement letter, which gives an account of the range of the appraisal assignment. The Fed also goes on to say 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 regulations and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Kunz Appraisals, we're qualified in every type of appraisal review, review process and the obligations of review appraisers. We know what the most common reporting inadequacies are, especially in our housing market. We also understand what amounts to a quality appraisal. Concurrently, we are experienced enough to identify that our competition in our market are capable of doing a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to ethically review appraisal reports performed by others. And those others could be studying our work, too! In short, at Kunz Appraisals, you can trust our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Kunz Appraisals to learn more about our qualifications, expertise and service offerings. |