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 appraisers producing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At JTH Appraisals, we provide appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's regulations.
A review appraisal has to find out: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the manner by which the property valuation is acquired guarantees independence and quality. They must also show whether the appraisal or evaluation report is true to the engagement letter, which sets forth the scope 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 tailoring our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we will 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 JTH Appraisals, we are skilled in all types of appraisal reviews, review practices and the requirements of review appraisers.
We're aware of what represents a quality appraisal and what the most prevalent errors are, especially in our home market. In the same regard, we are professional enough to acknowledge that our competition in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust JTH Appraisals to ethically valuate appraisal reports performed by others. And those others might be reviewing our work, too!
In short, at JTH Appraisals, you can count on our honest judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact JTH Appraisals to learn more about our qualifications, expertise and services offered.