Skilled Appraisal Reviews with Option One Appraisal ServicesAs 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 call of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Option One Appraisal Services, we provide appraisal review services that are impartial, expert, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the process by which the property valuation is attained ensures independence and quality. They should also demonstrate whether the appraisal or evaluation report is in line with the engagement letter, which gives an account of the reach of the appraisal assignment. Lastly, the Federal Reserve also 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 coordinating our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we can 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 Option One Appraisal Services, we're trained in every type of appraisal review, review procedure and the obligations of review appraisers.
We realize what makes a quality appraisal and what the most prevalent deficiencies are, especially when it comes to our local real estate market. In the same sense, we're adequately experienced to respect that the competitors in our market are qualified to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Option One Appraisal Services to objectively look over appraisal reports completed by others. And those others might be examining our work, too!
When you choose Option One Appraisal Services, you can count on our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings.