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 have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Treffer Appraisal Group, we provide appraisal review services that are unbiased, qualified, professional and compliant with the Federal Reserve's rules.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the process 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 extent of the appraisal assignment. The Fed 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 adapting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Treffer Appraisal Group, we are qualified in all forms of appraisal reviews, review procedures and the requirements of review appraisers.
Treffer Appraisal Group understands what the most common report defects are, specifically in our home market, as well as what represents a quality appraisal. We're also skilled enough to admit that our competitors in our market are skillful in doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Treffer Appraisal Group to fairly review appraisal reports carried out by others. And those others could be studying our work, too!
Here at Treffer Appraisal Group, you can have confidence in our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Treffer Appraisal Group to learn more about our qualifications, expertise and services offered.