Appraisal Reviews with Tierney Appraisals
According to an announcement by the Federal Reserve, "financial institutions are obligated to have an effective, objective real estate appraisal and evaluation program," and that appraisers fulfilling reviews are obligated to "have the proficiency and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." Tierney Appraisals provides appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's rules.
If you need a real estate appraisal review or have questions about an appraisal, call Tierney Appraisals today.
Appraisal reviews "should conclude whether the appraisal or evaluation is relevant for the transaction, the risk of the transaction, and whether the process by which the collateral valuation is attained ensures independence and quality," the Federal Reserve says. Moreover, they "must announce whether the appraisal or evaluation report is even with the letter of engagement, which sets forth the extent of the appraisal assignment." Lastly, the Federal Reserve notes that "some institutions reinforce typical reviews with post-funding assessments of appraisal quality for any of their high-liability or greater-value affairs as a control to help in revealing valuation issues."
In addition to adjusting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Tierney Appraisals, we're qualified in every form of appraisal review, review process and the responsibilities of review appraisers.
We are familiar with what makes a quality appraisal and what the most common imperfections are, especially in our housing market. At the same time, the professionals at Tierney Appraisals are sufficiently skilled to admit that our competitors in our market are capable of doing a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to justly examine appraisal reports executed by others. And those others may be examining our work, too!
At Tierney Appraisals, you can trust our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Tierney Appraisals to learn more about our qualifications, expertise and services offered.