Tierney Appraisals Appraisal Reviews
According to a statement by the Federal Reserve, "financial institutions are required to have an effective, independent real estate appraisal and evaluation plan," and that appraisers fulfilling reviews ought to "have the knowledge and skills 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 compliant with the Federal Reserve's guidelines.
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, contact us today.
The Federal Reserve says appraisal reviews "have to decide whether the appraisal or evaluation is suitable for the transaction, the liability of the transaction, and whether the procedure by which the collateral valuation is obtained guarantees independence and quality." They "must also announce whether the appraisal or evaluation report is true to the engagement letter, which sets forth the capacity of the appraisal assignment." The Federal Reserve also states that "some banks add typical reviews with post-funding surveys of appraisal quality for a number of their high-liability or large-value transactions as a channel to assist in revealing valuation complications."
In addition to tailoring our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll 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. Here at Tierney Appraisals, we are trained in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.
We realize what represents a quality appraisal and what the greatest imperfections are, specifically in our housing market. In the same sense, we're proficient enough to acknowledge that our competitors 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 count on us to fairly review appraisal reports done by others. And those others could be studying our work, too!
You can count on Tierney Appraisals for our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings.