|
|
Getting a second opinion on an appraisalAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers preparing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At The Coyle Group, LLC, we provide appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's regulations.
A review appraisal should pursue: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the manners by which the collateral valuation is obtained ensures independence and quality. The review must also show whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the scope 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".
 |
 |
 |
If you're in the need of a real estate appraisal review or have questions in reference to an appraisal, contact us today. |
|
|
In addition to adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we'll 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 The Coyle Group, LLC, we are experienced in every form of appraisal review, review procedure and the responsibilities of review appraisers.
 We are familiar with what the most common report defects are, particularly in our housing market, as well as what represents a quality appraisal. At the same time, we're amply trained to identify that the competitors in our market are skillful in doing quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to lawfully evaluate appraisal reports performed by others. And those others could be reviewing our work, too!
At The Coyle Group, LLC, you can trust our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings.
|
|
