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Getting a second opinion on an appraisalAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers undertaking reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Matthew Wood Appraisal Service, LLC, we provide appraisal review services that are objective, efficient, 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 well-suited for the transaction, the risk inherit in the transaction, and whether the methods by which the property valuation is acquired ensures independence and quality. They should also show whether the appraisal or evaluation report matches the engagement letter, which gives an account of the extent of the appraisal assignment. The Fed says 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 practices and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we'll produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Matthew Wood Appraisal Service, LLC, we're experienced in every form of appraisal review, review practice and the responsibilities of review appraisers.
You can count on Matthew Wood Appraisal Service, LLC for our honest judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Matthew Wood Appraisal Service, LLC for more information about our qualifications, expertise and service offerings. |
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Matthew Wood Appraisal Service, LLC is aware of what represents a quality appraisal and what the biggest errors are, specifically for reports in our local housing market.
In the same regard, we're professional enough to identify that the competitors in our market are qualified to do good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to fairly review appraisal reports carried out by others. And those others may be reviewing our work, too!