According to a statement by the Federal Reserve, "financial institutions are required to have effective, unbiased real estate appraisal and evaluation procedures," and that appraisers doing reviews ought to "have the knowledge and skillfulness to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Here at Tierney Appraisals, we provide appraisal review services that are objective, qualified, professional and in line with the Federal Reserve's regulations.
If you have questions in reference to an appraisal, or if you're in the need of a real estate appraisal review, call us today.
Appraisal reviews "have to figure out whether the appraisal or evaluation is fitting for the transaction, the uncertainty of the transaction, and whether the actions by which the collateral valuation is accomplished ensures independence and quality," according to the Federal Reserve. Moreover, they "must signify whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the extent of the appraisal assignment." The Federal Reserve also notes that "some financial institutions supplement typical reviews with post-funding surveys of appraisal quality for some of their high-risk or greater-value dealings as a method to aid in discovering valuation concerns."
In addition to adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we'll 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 trained in all kinds of appraisal reviews, review processes and the responsibilities of review appraisers.
We realize what constitutes a quality appraisal and what the most common defects are, specifically in our home market. In the same regard, we are amply experienced to recognize that the competition in our market are qualified to do a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to lawfully evaluate appraisal reports performed by others. And those others could be evaluating our work, too!
In short, when you choose Tierney Appraisals, you can rely on our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Tierney Appraisals for more information regarding our qualifications, expertise and service offerings.