Getting a second opinion on an appraisalAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers fulfilling reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Turner Consulting & Evaluation, we provide appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's guidelines.
A review appraisal has to pursue: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the manner by which the collateral valuation is attained ensures independence and quality. The review must also indicate whether the appraisal or evaluation report matches the engagement letter, which sets forth the scope of the appraisal assignment. The Fed states 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 procedures and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we can 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 Turner Consulting & Evaluation, we're experienced in every type of appraisal review, review process and the responsibilities of review appraisers.
Turner Consulting & Evaluation understands what the most common report defects are, especially in our home market, as well as what represents a quality appraisal. At the same time, we're adequately skilled to respect that our competitors in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to ethically valuate appraisal reports carried out by others. And those others could be studying our work, too!
In short, here at Turner Consulting & Evaluation, you can trust our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Turner Consulting & Evaluation to learn more about our qualifications, expertise and service offerings.