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 engaged in reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Pinnacle Appraisals provides appraisal review services that are impartial, qualified, professional and in accordance with the Federal Reserve's regulations.
A review appraisal has to ascertain: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the process by which the real estate valuation is accomplished ensures independence and quality. In addition, they must signify whether the appraisal or evaluation report matches the engagement letter, which describes the capacity of the appraisal assignment. The Fed also notes 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 adjusting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we will 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 Pinnacle Appraisals, we're qualified in all forms of appraisal reviews, review practices and the requirements of review appraisers.
We are aware of what makes a quality appraisal and what the most frequent defects are, especially in our home market. In the same sense, we are trained enough to acknowledge that the competitors in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to objectively evaluate appraisal reports completed by others. And those others might be examining our work, too!
Here at Pinnacle Appraisals, you can trust our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and services offered.