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Getting a second opinion on an appraisalAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers doing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Gutierrez Appraisals provides appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's rules.The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the actions by which the collateral valuation is attained guarantees independence and quality. In addition, they should signify whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the extent of the appraisal assignment. The Federal Reserve 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 coordinating our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we'll develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Gutierrez Appraisals, we're trained in all kinds of appraisal reviews, review procedures and the requirements of review appraisers.
At Gutierrez Appraisals, you can have confidence in our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and services offered. |
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We understand what amounts to a quality appraisal and what the most prevalent imperfections are, specifically for reports in our home market.
In the same sense, we're sufficiently skilled to respect that the competitors in our market are capable of a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on Gutierrez Appraisals to fairly assess appraisal reports executed by others. And those others may be evaluating our work, too!