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 appraisers fulfilling reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at B.A. Dwenger Appraisals, LLC, we provide appraisal review services that are independent, expert, professional and square with the Federal Reserve's rules.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the processes by which the collateral valuation is acquired guarantees independence and quality. They must also denote whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the extent of the appraisal assignment. Lastly, 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 coordinating our work to the forms 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 of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At B.A. Dwenger Appraisals, LLC, we are qualified in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
B.A. Dwenger Appraisals, LLC knows what the typical report inadequacies are, particularly in our real estate market, as well as what makes a quality appraisal. In this regard, we're experienced enough to respect that the competitors in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust B.A. Dwenger Appraisals, LLC to objectively review appraisal reports completed by others. And those others might be studying our work, too!
You can depend on B.A. Dwenger Appraisals, LLC for our neutral judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact B.A. Dwenger Appraisals, LLC to learn more about our qualifications, expertise and services offered.