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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 appraisers performing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At David Losleben, we provide appraisal review services that are impartial, expert, professional and in line with the Federal Reserve's rules.A review appraisal should detect: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the practices by which the property valuation is accomplished ensures independence and quality. Moreover, they should denote whether the appraisal or evaluation report is compatible with the engagement letter, which describes the extent of the appraisal assignment. 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 adjusting our work to the practices 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. At David Losleben, we are experienced in every form of appraisal review, review process and the requirements of review appraisers.
For professional, objective, ethical appraisal review services and independent judgments, you can depend on David Losleben. Contact us for more information regarding our qualifications, expertise and services offered. |
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We realize what amounts to a quality appraisal and what the most frequent errors are, specifically in our local housing market.
The professionals at David Losleben are also experienced enough to realize that the competitors in our market are able to do a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on David Losleben to ethically look over appraisal reports executed by others. And those others could be reviewing our work, too!