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 compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Clark Appraisal Services provides appraisal review services that are objective, efficient, professional and square with the Federal Reserve's regulations.
A review appraisal has to detect: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the procedures by which the property valuation is obtained guarantees independence and quality. They must also denote whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the reach of the appraisal assignment. The Federal Reserve 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 adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we'll develop 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 Clark Appraisal Services, we are qualified in all types of appraisal reviews, review procedures and the requirements of review appraisers.
We understand what the greatest reporting defects are, particularly in our home market. We also understand what amounts to a quality appraisal. The professionals at Clark Appraisal Services are also adequately experienced to realize that the competition in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to ethically valuate appraisal reports carried out by others. And those others might be reviewing our work, too!
In short, when you choose Clark Appraisal Services, you can count on our truthful judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Clark Appraisal Services for more information regarding our qualifications, expertise and services offered.