Getting a second opinion on an appraisal
As 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 preparing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Columbus Appraisal Company, LLC provides appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's rules.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the practices by which the property valuation is obtained ensures independence and quality.
The review must also demonstrate whether the appraisal or evaluation report is in line with the letter of engagement, which describes the depth of the appraisal assignment.
Lastly, the Fed also 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 customers, there are four Fannie Mae forms that are typically used for review services, and we can formulate 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 Columbus Appraisal Company, LLC, we are skilled in every form of appraisal review, review practice and the obligations of review appraisers.
We know what represents a quality appraisal and what the biggest deficiencies are, specifically in our local housing market.
We're also trained enough to recognize that the competition in our market are capable of a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to fairly study appraisal reports executed by others. And those others might be reviewing our work, too!
In short, here at Columbus Appraisal Company, LLC, you can count on our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients.
Contact us for more information regarding our qualifications, expertise and service offerings.