Getting a second opinion on an appraisalAs said 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 engaged in reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at PR Appraisal Services, LLC, we provide appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's regulations.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the procedure by which the collateral valuation is acquired ensures independence and quality. They should also demonstrate whether the appraisal or evaluation report is in line with the letter of engagement, which gives an account of the scope of the appraisal assignment. The Federal Reserve also says 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 forms and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we will produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at PR Appraisal Services, LLC, we are qualified in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
PR Appraisal Services, LLC realizes what the most common report weaknesses are, especially in our home market, as well as what amounts to a quality appraisal. We're also adequately skilled to know that our competitors 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 PR Appraisal Services, LLC to justly assess appraisal reports completed by others. And those others might be reviewing our work, too!
In short, when you choose PR Appraisal Services, LLC, you can be sure of our truthful judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact PR Appraisal Services, LLC to learn more about our qualifications, expertise and services offered.