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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 it's the obligation of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Albers Appraising Company, we provide appraisal review services that are unbiased, expert, professional and in accordance with the Federal Reserve's guidelines.A review appraisal has to verify: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the methods by which the collateral valuation is attained guarantees independence and quality. In addition, they should indicate whether the appraisal or evaluation report is in line with the letter of engagement, which gives an account of the range of the appraisal assignment. The Fed also 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 adjusting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Albers & Co LLC, we are experienced in all kinds of appraisal reviews, review practices and the requirements of review appraisers.
In short, when you choose Albers Appraising Company, you can count on our truthful judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Albers & Co LLC for more information about our qualifications, expertise and services offered. |
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We know what makes a quality appraisal and what the most frequent imperfections are, especially for reports in our local real estate market.
The professionals at Albers Appraising Company are also adequately skilled to respect that our competition in our market are capable of doing good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to objectively examine appraisal reports completed by others. And those others could be examining our work, too!