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Getting a second opinion on an appraisalAs said in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers doing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Bluebonnet Valuation Services, LLC, we provide appraisal review services that are objective, qualified, professional and in line with the Federal Reserve's guidelines.The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the practices by which the property valuation is accomplished guarantees independence and quality. They must also show whether the appraisal or evaluation report matches the letter of engagement, which describes the reach of the appraisal assignment. The Fed goes on to say that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to conforming our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we will formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Bluebonnet Valuation Services, LLC, we're experienced in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
You can depend on Bluebonnet Valuation Services, LLC for our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings. |
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Bluebonnet Valuation Services, LLC knows what makes a quality appraisal and what the most prevalent inadequacies are, particularly in our local real estate market.
We're also skilled enough to respect that our competitors in our market are capable of a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Bluebonnet Valuation Services, LLC to justly evaluate appraisal reports executed by others. And those others might be reviewing our work, too!