Getting a second opinion on an appraisalAs stated in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the responsibility of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at A.M.O. Appraisals, Inc., we provide appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's rules.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the manner by which the collateral valuation is rendered guarantees independence and quality. In addition, they must demonstrate whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the capacity of the appraisal assignment. The Federal Reserve also states 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 adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are widely 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 A.M.O. Appraisals, Inc., we are trained in all types of appraisal reviews, review practices and the responsibilities of review appraisers.
We know what makes a quality appraisal and what the most common deficiencies are, especially for reports in our home market. In the same sense, we are skilled enough to respect that our competition in our market are qualified to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on A.M.O. Appraisals, Inc. to fairly valuate appraisal reports completed by others. And those others might be studying our work, too!
When you choose A.M.O. Appraisals, Inc., you can count on our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact A.M.O. Appraisals, Inc. for more information about our qualifications, expertise and services offered.