Getting a second opinion on an appraisalAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers engaged in reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At GVI Appraisals, Inc., we provide appraisal review services that are impartial, efficient, professional and square with the Federal Reserve's rules.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the method by which the real estate valuation is attained guarantees independence and quality. Moreover, they should show whether the appraisal or evaluation report matches the letter of engagement, which gives an account of 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 procedures and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we will 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 GVI Appraisals, Inc., we are trained in all forms of appraisal reviews, review practices and the obligations of review appraisers.
GVI Appraisals, Inc. understands what the most likely report weaknesses are, specifically in our housing market, as well as what constitutes a quality appraisal. Concurrently, we're trained enough to acknowledge that our competitors in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to justly evaluate appraisal reports completed by others. And those others could be evaluating our work, too!
When you choose GVI Appraisals, Inc., you can rely on our honest judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings.