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 it's the duty of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Lighthouse Appraisal, we provide appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's rules.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the practices by which the collateral valuation is attained ensures independence and quality. They must also indicate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the range of the appraisal assignment. The Fed 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 adjusting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will 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 Lighthouse Appraisal, we're experienced in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.
We understand what the typical report defects are, specifically in our housing market, as well as what amounts to a quality appraisal. The professionals at Lighthouse Appraisal are also trained enough to acknowledge that our competitors in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to justly evaluate appraisal reports completed by others. And those others may be studying our work, too!
When you choose Lighthouse Appraisal, you can count on our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Lighthouse Appraisal to learn more about our qualifications, expertise and services offered.