Qualified Appraisal Reviews by Tierney Appraisals
As said in a statement by the Federal Reserve, "financial institutions are required to have an effective, unbiased real estate appraisal and evaluation program," and that appraisers completing reviews are obligated to "have the ability and expertise to evaluate compliance with the Federal Reserves appraisal rules and guidelines." Here at Tierney Appraisals, we provide appraisal review services that are independent, qualified, professional and square with the Federal Reserve's guidelines.
If you're in the need of a real estate appraisal review or have questions about an appraisal, contact Tierney Appraisals today.
Appraisal reviews "must verify whether the appraisal or evaluation is relevant for the transaction, the risk of the transaction, and whether the manners by which the collateral valuation is acquired guarantees independence and quality," as stated by the Federal Reserve. In addition, they "should announce whether the appraisal or evaluation report is even with the engagement letter, which sets forth the scope of the appraisal assignment." Last, The Federal Reserve states that "some institutions supplement routine reviews with post-funding surveys of appraisal quality for a few of their higher-risk or greater-value contracts as a control to assist in exposing valuation disputes."
In addition to adapting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are typically 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 Tierney Appraisals, we're skilled in all forms of appraisal reviews, review processes and the requirements of review appraisers.
We are familiar with what the greatest defects are, particularly in our home market. We also know what amounts to a quality appraisal. We're also sufficiently experienced to recognize that our competition in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to objectively examine appraisal reports done by others. And those others could be examining our work, too!
You can count on Tierney Appraisals for our honest judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and service offerings.