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Getting a second opinion on an appraisalAs stated in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the duty of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Stephanie Soscia, we provide appraisal review services that are impartial, efficient, professional and square with the Federal Reserve's regulations.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the manners by which the collateral valuation is accomplished guarantees independence and quality. In addition, they must demonstrate whether the appraisal or evaluation report is true to the engagement letter, which describes the scope of the appraisal assignment. Lastly, the Fed states 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 coordinating our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Stephanie Soscia, we are qualified in all forms of appraisal reviews, review procedures and the requirements of review appraisers.
Here at Stephanie Soscia, you can be sure of our truthful judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered. |
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We realize what the most prevalent reporting defects are, specifically in our real estate market. We also understand what constitutes a quality appraisal.
In this regard, we are professional enough to know that the competitors in our market are capable of a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Stephanie Soscia to objectively study appraisal reports completed by others. And those others might be evaluating our work, too!