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Getting a second opinion on an appraisalAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the call of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Rudin Appraisals provides appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's guidelines.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the manner by which the real estate valuation is rendered ensures independence and quality. Moreover, they should show whether the appraisal or evaluation report is true to 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 practices and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we will formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Rudin Appraisals, we are experienced in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
In short, at Rudin Appraisals, you can rely on our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Rudin Appraisals for more information regarding our qualifications, expertise and service offerings. |
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We realize what the most prevalent report defects are, particularly in our housing market, as well as what makes a quality appraisal.
The professionals at Rudin Appraisals are also sufficiently skilled to distinguish that the competitors in our market are capable of a good job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to ethically assess appraisal reports completed by others. And those others may be studying our work, too!