Tierney Appraisals Appraisal Reviews
As stated in an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, independent real estate appraisal and evaluation program," and that appraisers performing reviews ought to "have the familiarity and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Here at Tierney Appraisals, we provide appraisal review services that are unbiased, expert, professional and square with the Federal Reserve's rules.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, contact us today.
According to the Federal Reserve, appraisal reviews "ought to conclude whether the appraisal or evaluation is relevant for the transaction, the risk of the transaction, and whether the practices by which the collateral valuation is obtained guarantees independence and quality." Moreover, they "should show whether the appraisal or evaluation report is compatible with the engagement letter, which describes the range of the appraisal assignment." Last, The Federal Reserve states that "some institutions supplement typical reviews with post-funding evaluations of appraisal quality for a number of their high-risk or large-value transactions as a method to help in revealing valuation disputes."
In addition to adapting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Tierney Appraisals, we are qualified in every type of appraisal review, review process and the obligations of review appraisers.
We understand what the most common deficiencies are, especially in our real estate market. We also understand what amounts to a quality appraisal. In the same regard, we're adequately trained to know that our competitors in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to lawfully review appraisal reports carried out by others. And those others may be studying our work, too!
For professional, unbiased, ethical appraisal review services and honest judgments, you can count on Tierney Appraisals. Contact us for more information about our qualifications, expertise and services offered.