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Getting a second opinion on an appraisalAs said in an announcement 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 producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Jamison Appraisal Services provides appraisal review services that are independent, efficient, professional and square with the Federal Reserve's regulations.The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the procedure by which the property valuation is attained ensures independence and quality. Moreover, they must indicate whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the extent of the appraisal assignment. The Federal Reserve also 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 conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we'll develop 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 Jamison Appraisal Services, we are trained in all types of appraisal reviews, review processes and the requirements of review appraisers.
For professional, fair, ethical appraisal review services and independent judgments, you can rely on Jamison Appraisal Services. Contact Jamison Appraisal Services regarding our qualifications, expertise and services offered. |
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Jamison Appraisal Services knows what constitutes a quality appraisal and what the biggest inadequacies are, especially in our home market.
In this regard, we're professional enough to recognize that the competition in our market are qualified to do quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Jamison Appraisal Services to lawfully review appraisal reports completed by others. And those others might be studying our work, too!