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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 performing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." O'Malley Real Estate Appraisal Company provides appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's regulations.A review appraisal has to find out: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the manners by which the collateral valuation is rendered guarantees independence and quality. Moreover, they must signify whether the appraisal or evaluation report is in line with the letter of engagement, which gives an account of the extent 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 forms and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we will produce 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 O'Malley Real Estate Appraisal Company, we are trained in every form of appraisal review, review practice and the responsibilities of review appraisers.
You can depend on O'Malley Real Estate Appraisal Company for our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings. |
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O'Malley Real Estate Appraisal Company is aware of what represents a quality appraisal and what the greatest imperfections are, specifically for reports in our home market.
In the same sense, we're trained enough to distinguish that our competition in our market are capable of a good job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust O'Malley Real Estate Appraisal Company to fairly look over appraisal reports completed by others. And those others may be studying our work, too!