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 performing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Maui Aina Appraisal Company provides appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's rules.
A review appraisal should pursue: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the actions by which the real estate valuation is obtained guarantees independence and quality. The review must also indicate whether the appraisal or evaluation report matches the engagement letter, which sets forth the extent of the appraisal assignment. Lastly, 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 adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are generally 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 Maui Aina Appraisal Company, we're experienced in all kinds of appraisal reviews, review procedures and the responsibilities of review appraisers.
Maui Aina Appraisal Company is aware of what the greatest reporting imperfections are, especially in our real estate market. We also understand what amounts to a quality appraisal. At the same time, we're experienced enough to identify that our competition in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Maui Aina Appraisal Company to objectively study appraisal reports executed by others. And those others might be studying our work, too!
For professional, objective, ethical appraisal review services and honest judgments, you can depend on Maui Aina Appraisal Company. Contact us for more information about our qualifications, expertise and services offered.