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 it's the responsibility of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Midlands Appraisal Group, LLC, we provide appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's regulations.
A review appraisal should pursue: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the actions by which the real estate valuation is attained ensures independence and quality. Moreover, they must demonstrate whether the appraisal or evaluation report matches the letter of engagement, which describes the capacity of the appraisal assignment. Lastly, the Federal Reserve 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 coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we will prepare 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 Midlands Appraisal Group, LLC, we're skilled in all forms of appraisal reviews, review practices and the requirements of review appraisers.
We are familiar with what the most prevalent reporting deficiencies are, especially in our real estate market. We also know what makes a quality appraisal. Concurrently, we are adequately skilled to distinguish that the competitors in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Midlands Appraisal Group, LLC to ethically look over appraisal reports done by others. And those others may be evaluating our work, too!
For professional, unbiased, ethical appraisal review services and honest judgments, you can count on Midlands Appraisal Group, LLC. Contact us for more information regarding our qualifications, expertise and service offerings.