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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 undertaking reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Lucinda Wadlow, we provide appraisal review services that are unbiased, expert, professional and in line with the Federal Reserve's rules.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the means by which the real estate valuation is attained guarantees independence and quality. Moreover, they must signify whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the range of the appraisal assignment. Lastly, the Federal Reserve 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 adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are generally 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. At Lucinda Wadlow, we are experienced in every form of appraisal review, review practice and the requirements of review appraisers.
At Lucinda Wadlow, you can have confidence in our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered. |
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We are familiar with what the most frequent reporting inadequacies are, particularly in our real estate market. We also know what amounts to a quality appraisal.
We're also experienced enough to distinguish that the competitors in our market are qualified to do a fine job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to fairly evaluate appraisal reports executed by others. And those others could be reviewing our work, too!