Appraisal Reviews with Tierney Appraisals
According to a statement by the Federal Reserve, "financial institutions are obligated to have an effective, impartial real estate appraisal and evaluation program," and that appraisers doing reviews have to "have the ability and skillfulness to determine compliance with the Federal Reserves appraisal regulations and guidelines." Tierney Appraisals provides appraisal review services that are impartial, efficient, 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, call us today.
As stated by the Federal Reserve, appraisal reviews "should figure out whether the appraisal or evaluation is suitable for the transaction, the danger of the transaction, and whether the manners by which the collateral valuation is attained guarantees independence and quality." Moreover, they "should show whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the outlook of the appraisal assignment." Last, The Federal Reserve says that "some financial institutions augment regular reviews with post-funding evaluations of appraisal quality for any of their higher-risk or greater-value transactions as a channel to help in detecting valuation problems."
In addition to conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we will formulate 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 experienced in every kind of appraisal review, review procedure and the obligations of review appraisers.
Tierney Appraisals is aware of what the most common imperfections are, especially in our home market, as well as what constitutes a quality appraisal. We're also experienced enough to admit that the competitors in our market are capable of doing a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to ethically assess appraisal reports performed by others. And those others might be examining our work, too!
Here at Tierney Appraisals, you can have confidence in our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings.