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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 it's the responsibility of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Ross Batey and Associates provides appraisal review services that are unbiased, expert, professional and square with the Federal Reserve's rules.A review appraisal should verify: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the practices by which the collateral valuation is rendered ensures independence and quality. They should also demonstrate whether the appraisal or evaluation report matches the letter of engagement, which sets forth the depth of the appraisal assignment. The Fed also 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 adjusting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are typically 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 Ross Batey and Associates, we are experienced in all kinds of appraisal reviews, review practices and the obligations of review appraisers.
For professional, fair, ethical appraisal review services and independent judgments, you can count on Ross Batey and Associates. Contact us to learn more about our qualifications, expertise and services offered. |
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We realize what the most prevalent reporting weaknesses are, especially in our real estate market. We also know what constitutes a quality appraisal.
We're also amply trained to recognize that the competition in our market are able to do a fine job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Ross Batey and Associates to objectively valuate appraisal reports performed by others. And those others could be studying our work, too!