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 duty of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Taranto Appraisal, Inc. provides appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's guidelines.
A review appraisal has to reveal: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the practices by which the real estate valuation is attained ensures independence and quality. They should also announce whether the appraisal or evaluation report is consistent with the engagement letter, which describes the range of the appraisal assignment. Lastly, the Federal Reserve 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 adapting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we can formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Taranto Appraisal, Inc., we are qualified in every kind of appraisal review, review procedure and the requirements of review appraisers.
Taranto Appraisal, Inc. knows what the typical report imperfections are, especially in our home market, as well as what constitutes a quality appraisal. In the same regard, we are trained enough to identify that the competition in our market are able to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to fairly evaluate appraisal reports done by others. And those others could be evaluating our work, too!
You can trust Taranto Appraisal, Inc. for our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and services offered.