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 it's the obligation of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Stephanie L. Duffy Appraisal Services provides appraisal review services that are objective, expert, professional and square with the Federal Reserve's regulations.
A review appraisal has to find out: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the manners by which the real estate valuation is acquired guarantees independence and quality. In addition, they must show whether the appraisal or evaluation report matches the engagement letter, which describes the extent of the appraisal assignment. The Fed also 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 processes and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we can 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 Stephanie L. Duffy Appraisal Services, we're skilled in every type of appraisal review, review procedure and the requirements of review appraisers.
We know what the most likely report weaknesses are, especially in our housing market, as well as what amounts to a quality appraisal. In the same sense, we're adequately skilled to identify that the competition in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Stephanie L. Duffy Appraisal Services to objectively study appraisal reports done by others. And those others may be evaluating our work, too!
In short, when you choose Stephanie L. Duffy Appraisal Services, you can rely on our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Stephanie L. Duffy Appraisal Services for more information about our qualifications, expertise and services offered.