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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 preparing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Murphy Appraisal Group, LLC provides appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's regulations.A review appraisal should determine: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the method by which the property valuation is obtained ensures independence and quality. Moreover, they must signify whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the range 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 adjusting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we can formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Murphy Appraisal Group, LLC, we're qualified in all forms of appraisal reviews, review practices and the obligations of review appraisers.
At Murphy Appraisal Group, LLC, you can count on our truthful judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings. |
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We're aware of what the most likely report weaknesses are, especially in our real estate market, as well as what represents a quality appraisal. Concurrently, we're experienced enough to know that our competition in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to fairly study appraisal reports executed by others. And those others might be evaluating our work, too!