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 completing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." ADK Appraisal LLC provides appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's rules.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the actions by which the collateral valuation is attained guarantees independence and quality. They should also announce whether the appraisal or evaluation report is in line with the letter of engagement, which describes the extent of the appraisal assignment. Lastly, 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 conforming our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we will develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at ADK Appraisal LLC, we're trained in every type of appraisal review, review procedure and the requirements of review appraisers.
ADK Appraisal LLC knows what the biggest reporting defects are, especially in our real estate market. We also understand what makes a quality appraisal. In the same sense, we're professional enough to identify that the competition in our market are capable of doing a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to ethically review appraisal reports done by others. And those others could be examining our work, too!
In short, when you choose ADK Appraisal LLC, you can have confidence in our truthful judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and services offered.