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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 prudent for appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Fuhrmeister Appraisal , we provide appraisal review services that are unbiased, efficient, professional and compliant with the Federal Reserve's guidelines.The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the procedures by which the collateral valuation is obtained guarantees independence and quality. Moreover, they must show whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the scope of the appraisal assignment. The Federal Reserve also goes on to say 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 customers, there are four Fannie Mae forms that are largely used for review services, and we can formulate 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 Fuhrmeister Appraisal , we are trained in all kinds of appraisal reviews, review practices and the requirements of review appraisers.
You can rely on Fuhrmeister Appraisal for our honest judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Fuhrmeister Appraisal for more information regarding our qualifications, expertise and services offered. |
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We understand what amounts to a quality appraisal and what the biggest imperfections are, specifically for reports in our home market.
We're also adequately skilled to distinguish that the competitors in our market are qualified to do good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Fuhrmeister Appraisal to ethically look over appraisal reports performed by others. And those others may be evaluating our work, too!