Getting a second opinion on an appraisalAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the call of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At ATP Appraisals, LLC. (973) 283-2266, we provide appraisal review services that are impartial, expert, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the method by which the real estate valuation is rendered ensures independence and quality. They must also signify whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the extent of the appraisal assignment. Lastly, the Fed 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 conforming our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we can formulate 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 ATP Appraisals, LLC. (973) 283-2266, we're qualified in all types of appraisal reviews, review processes and the obligations of review appraisers.
We are familiar with what amounts to a quality appraisal and what the most frequent imperfections are, specifically for reports in our home market. We're also amply trained to know that our competitors in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on ATP Appraisals, LLC. (973) 283-2266 to fairly examine appraisal reports completed by others. And those others may be reviewing our work, too!
You can count on ATP Appraisals, LLC. (973) 283-2266 for our neutral judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact ATP Appraisals, LLC. (973) 283-2266 for more information about our qualifications, expertise and services offered.