Getting a second opinion on an appraisalAs stated in 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 must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Allstate Property Appraisal Services provides appraisal review services that are independent, expert, professional and square with the Federal Reserve's guidelines.
A review appraisal should verify: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the manner by which the collateral valuation is obtained guarantees independence and quality. The review must also announce whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the reach of the appraisal assignment. Lastly, the Fed 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 conforming our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are widely 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 Allstate Property Appraisal Services, we're qualified in every form of appraisal review, review procedure and the requirements of review appraisers.
We understand what the typical report weaknesses are, specifically in our housing market, as well as what makes a quality appraisal. In the same sense, the professionals at Allstate Property Appraisal Services are amply experienced to admit that our competition in our market are skillful in doing a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to justly examine appraisal reports carried out by others. And those others may be reviewing our work, too!
In short, when you choose Allstate Property Appraisal Services, you can rely on our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and services offered.