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Getting a second opinion on an appraisalAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers fulfilling reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At MJR Residential, we provide appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's guidelines.A review appraisal should find out: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the manner by which the real estate valuation is acquired ensures independence and quality. Moreover, they should denote whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the extent of the appraisal assignment. The Federal Reserve also 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 adjusting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are typically 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. At MJR Residential, we are skilled in all forms of appraisal reviews, review processes and the responsibilities of review appraisers.
In short, at MJR Residential, you can trust our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact MJR Residential to learn more about our qualifications, expertise and service offerings. |
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We understand what the most frequent report imperfections are, specifically in our housing market, as well as what represents a quality appraisal.
The professionals at MJR Residential are also skilled enough to identify that the competition in our market are capable of a fine 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 studying our work, too!