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Getting a second opinion on an appraisalAccording to 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 doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Chris Leister Appraisals, LLC, we provide appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's regulations.The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the process by which the property valuation is acquired ensures independence and quality. The review must also indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the scope of the appraisal assignment. The Federal Reserve 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 adjusting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we can 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. At Chris Leister Appraisals, LLC, we're experienced in every type of appraisal review, review practice and the responsibilities of review appraisers.
You can rely on Chris Leister Appraisals, LLC for our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Chris Leister Appraisals, LLC regarding our qualifications, expertise and services offered. |
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We're aware of what the greatest reporting deficiencies are, particularly in our home market. We also understand what constitutes a quality appraisal.
At the same time, we are trained enough to recognize that our competition in our market are capable of doing a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Chris Leister Appraisals, LLC to justly study appraisal reports done by others. And those others could be evaluating our work, too!