Appraisal Reviews with Tierney Appraisals
As stated in an announcement by the Federal Reserve, "financial institutions are required to have effective, unbiased real estate appraisal and evaluation plans," and that appraisers performing reviews have to "have the proficiency and skills to determine compliance with the Federal Reserves appraisal regulations and guidelines." Tierney Appraisals provides appraisal review services that are objective, qualified, professional and square with the Federal Reserve's rules.
If you have questions about an appraisal, or if you need a real estate appraisal review, contact us today.
The Federal Reserve says appraisal reviews "must find out whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the procedure by which the collateral valuation is obtained guarantees independence and quality." Moreover, they "must show whether the appraisal or evaluation report is even with the engagement letter, which describes the extent of the appraisal assignment." Lastly, the Federal Reserve states that "some institutions supplement typical reviews with post-funding evaluations of appraisal quality for a number of their high-risk or greater-value contracts as a channel to assist in revealing valuation dilemmas."
In addition to adapting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll 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. Here at Tierney Appraisals, we're trained in all types of appraisal reviews, review practices and the responsibilities of review appraisers.
We are familiar with what represents a quality appraisal and what the greatest defects are, specifically in our real estate market. Concurrently, we're experienced enough to identify that our competitors in our market are qualified to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to ethically evaluate appraisal reports performed by others. And those others could be reviewing our work, too!
For professional, objective, ethical appraisal review services and independent judgments, you can rely on Tierney Appraisals. Contact Tierney Appraisals for more information regarding our qualifications, expertise and services offered.