Getting a second opinion on an appraisalAs stated 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 preparing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Mid States Valuation Solutions provides appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's regulations.
A review appraisal has to verify: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the practices by which the real estate valuation is accomplished guarantees independence and quality. In addition, they should show whether the appraisal or evaluation report matches the letter of engagement, which describes the outlook of the appraisal assignment. Lastly, 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 coordinating our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are widely 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. At Mid States Valuation Solutions, we're experienced in every kind of appraisal review, review process and the responsibilities of review appraisers.
We understand what makes a quality appraisal and what the most common errors are, specifically in our local real estate market. We're also adequately skilled to respect that our competition in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to fairly study appraisal reports carried out by others. And those others might be reviewing our work, too!
In short, at Mid States Valuation Solutions, you can count on our neutral judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and services offered.