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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 doing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Tanya K. Birren, we provide appraisal review services that are unbiased, expert, professional and in line with the Federal Reserve's guidelines.A review appraisal has to detect: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the methods by which the collateral valuation is obtained ensures independence and quality. In addition, they should indicate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment. Lastly, the Fed 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 adjusting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are primarily 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 Tanya K. Birren, we are qualified in every form of appraisal review, review process and the obligations of review appraisers.
In short, at Tanya K. Birren, you can rely on our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Tanya K. Birren for more information about our qualifications, expertise and services offered. |
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We are familiar with what the most frequent report weaknesses are, specifically in our home market, as well as what amounts to a quality appraisal.
We're also skilled enough to identify that the competitors in our market are able to do a good job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to justly look over appraisal reports executed by others. And those others could be reviewing our work, too!