Appraisal Reviews with Tierney Appraisals
According to a statement by the Federal Reserve, "financial institutions must have effective, independent real estate appraisal and evaluation programs," and that appraisers doing reviews are obligated to "have the proficiency and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." Here at Tierney Appraisals, we provide appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's regulations.
If you're in the need of a real estate appraisal review or have questions about an appraisal, contact us today.
According to the Federal Reserve, appraisal reviews "must decide whether the appraisal or evaluation is fitting for the transaction, the danger of the transaction, and whether the procedures by which the collateral valuation is accomplished guarantees independence and quality." In addition, they "should demonstrate whether the appraisal or evaluation report matches the engagement letter, which sets forth the outlook of the appraisal assignment." Last, The Federal Reserve says that "some banks reinforce typical reviews with post-funding assessments of appraisal quality for a few of their high-risk or higher-value transactions as a channel to aid in identifying valuation concerns."
In addition to tailoring our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we will 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 Tierney Appraisals, we are skilled in all kinds of appraisal reviews, review practices and the requirements of review appraisers.
We are familiar with what constitutes a quality appraisal and what the most frequent defects are, particularly in our home market. We're also amply 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 Tierney Appraisals to justly study appraisal reports performed by others. And those others may be evaluating our work, too!
For professional, fair, ethical appraisal review services and honest judgments, you can depend on Tierney Appraisals. Contact Tierney Appraisals for more information regarding our qualifications, expertise and service offerings.