Getting a second opinion on an appraisalAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the call of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Wideman Appraisal Service provides appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's regulations.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the actions by which the real estate valuation is attained guarantees independence and quality. In addition, they must announce whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the capacity of the appraisal assignment. Lastly, the Fed also 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 tailoring our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we'll prepare 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 Wideman Appraisal Service, we're trained in every kind of appraisal review, review process and the requirements of review appraisers.
We're aware of what the greatest reporting deficiencies are, specifically in our housing market. We also understand what constitutes a quality appraisal. The professionals at Wideman Appraisal Service are also amply experienced to recognize that the competitors in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Wideman Appraisal Service to justly look over appraisal reports performed by others. And those others might be evaluating our work, too!
For professional, impartial, ethical appraisal review services and truthful judgments, you can count on Wideman Appraisal Service. Contact us regarding our qualifications, expertise and service offerings.
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