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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 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." At ZREC, LLC, we provide appraisal review services that are impartial, expert, professional and in line with the Federal Reserve's regulations.A review appraisal should ascertain: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the method by which the collateral valuation is attained guarantees independence and quality. They should also announce whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the extent of the appraisal assignment. 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 regulations and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we can formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At ZREC, LLC, we are experienced in every kind of appraisal review, review procedure and the responsibilities of review appraisers.
In short, when you choose ZREC, LLC, you can be sure of our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact ZREC, LLC for more information regarding our qualifications, expertise and services offered. |
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We know what the biggest reporting deficiencies are, especially in our real estate market. We also understand what amounts to a quality appraisal.
In the same regard, we are skilled enough to acknowledge that our competition in our market are capable of doing quality work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to ethically evaluate appraisal reports carried out by others. And those others might be reviewing our work, too!