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 it's the expectation of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Alpine Appraisals provides appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the processes by which the collateral valuation is acquired ensures independence and quality. The review should also demonstrate whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the range of the appraisal assignment. Lastly, 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 forms and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we can 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 Alpine Appraisals, we are qualified in every kind of appraisal review, review practice and the responsibilities of review appraisers.
Alpine Appraisals knows what the most common report defects are, particularly in our real estate market, as well as what constitutes a quality appraisal. The professionals at Alpine Appraisals are also adequately trained to distinguish that the competition in our market are capable of doing a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Alpine Appraisals to ethically study appraisal reports executed by others. And those others might be examining our work, too!
In short, when you choose Alpine Appraisals, you can have confidence in our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Alpine Appraisals for more information regarding our qualifications, expertise and service offerings.