Getting a second opinion on an appraisalAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers producing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Mountain High Appraisals, LLC provides appraisal review services that are unbiased, efficient, professional and in accordance with the Federal Reserve's guidelines.
A review appraisal has to detect: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the process by which the real estate valuation is attained guarantees independence and quality. They should also show whether the appraisal or evaluation report is true to the engagement letter, which describes the extent of the appraisal assignment. The Fed also 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 adjusting our work to the regulations 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 one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Mountain High Appraisals, LLC, we're trained in every form of appraisal review, review process and the responsibilities of review appraisers.
We're aware of what makes a quality appraisal and what the most prevalent deficiencies are, specifically in our local real estate market. Concurrently, we are experienced enough to distinguish that our competition in our market are able to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to justly assess appraisal reports completed by others. And those others could be evaluating our work, too!
In short, here at Mountain High Appraisals, LLC, you can trust our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Mountain High Appraisals, LLC for more information about our qualifications, expertise and service offerings.