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 completing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Golden Appraisals LLC provides appraisal review services that are unbiased, efficient, professional and square with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the actions by which the collateral valuation is acquired guarantees independence and quality. They should also demonstrate whether the appraisal or evaluation report is in line with the engagement letter, which describes the reach of the appraisal assignment. The Fed notes 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 tailoring our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are largely 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. Here at Golden Appraisals LLC, we're experienced in every kind of appraisal review, review process and the obligations of review appraisers.
We know what constitutes a quality appraisal and what the biggest defects are, specifically for reports in our home market. In the same sense, we are amply experienced to realize that our competitors in our market are skillful in doing a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to fairly study appraisal reports completed by others. And those others might be evaluating our work, too!
At Golden Appraisals LLC, you can have confidence in our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Golden Appraisals LLC for more information about our qualifications, expertise and service offerings.