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 ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Florida Gulf Coast Appraisal Services provides appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's rules.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the practices by which the collateral valuation is acquired ensures independence and quality. Moreover, they must indicate whether the appraisal or evaluation report is true to the letter of engagement, which describes the scope of the appraisal assignment. The Federal Reserve 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 adapting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we can prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Florida Gulf Coast Appraisal Services, we're qualified in every type of appraisal review, review process and the responsibilities of review appraisers.
We are aware of what the greatest reporting inadequacies are, specifically in our housing market. We also know what makes a quality appraisal. Concurrently, we're adequately skilled to acknowledge that the competitors 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 Florida Gulf Coast Appraisal Services to lawfully evaluate appraisal reports completed by others. And those others may be evaluating our work, too!
For professional, unbiased, ethical appraisal review services and truthful judgments, you can depend on Florida Gulf Coast Appraisal Services. Contact Florida Gulf Coast Appraisal Services for more information about our qualifications, expertise and services offered.