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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 fulfilling reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Turner and Gerwitz Appraisals, LLC provides appraisal review services that are unbiased, expert, professional and in accordance with the Federal Reserve's regulations.A review appraisal should reveal: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the process by which the collateral valuation is accomplished guarantees independence and quality. The review must also denote whether the appraisal or evaluation report is compatible with the engagement letter, which describes the reach of the appraisal assignment. Lastly, the Fed 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 adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we'll 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 Turner and Gerwitz Appraisals, LLC, we're trained in all forms of appraisal reviews, review practices and the obligations of review appraisers.
You can count on Turner and Gerwitz Appraisals, LLC for our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Turner and Gerwitz Appraisals, LLC regarding our qualifications, expertise and services offered. |
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Turner and Gerwitz Appraisals, LLC realizes what the biggest reporting inadequacies are, specifically in our real estate market. We also know what constitutes a quality appraisal.
Concurrently, we're trained enough to respect that the competitors in our market are able to do a fine job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Turner and Gerwitz Appraisals, LLC to ethically assess appraisal reports performed by others. And those others might be reviewing our work, too!