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 appraisers preparing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Lyons Appraisal Services, LLC. provides appraisal review services that are unbiased, expert, professional and in line with the Federal Reserve's guidelines.
A review appraisal should verify: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the means by which the real estate valuation is accomplished guarantees independence and quality. The review must also denote whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the range of the appraisal assignment. Lastly, the Fed also notes 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 processes and guidelines of our review clients, there are four Fannie Mae forms that are largely 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 Lyons Appraisal Services, LLC., we are experienced in all types of appraisal reviews, review procedures and the obligations of review appraisers.
Lyons Appraisal Services, LLC. knows what the typical report weaknesses are, particularly in our housing market, as well as what amounts to a quality appraisal. Concurrently, we're adequately trained to recognize that our competitors in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Lyons Appraisal Services, LLC. to fairly assess appraisal reports performed by others. And those others may be examining our work, too!
At Lyons Appraisal Services, LLC., you can have confidence in our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered.