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 responsibility of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Pinnacle Appraisal Group, LLC, 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 detect: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the process by which the real estate valuation is accomplished ensures independence and quality. In addition, they must denote whether the appraisal or evaluation report is true to the letter of engagement, which describes the capacity of the appraisal assignment. The Fed also 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 adapting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are typically 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. Here at Pinnacle Appraisal Group, LLC, we are skilled in every type of appraisal review, review practice and the responsibilities of review appraisers.
Pinnacle Appraisal Group, LLC is aware of what the biggest reporting imperfections are, particularly in our housing market. We also understand what constitutes a quality appraisal. In this regard, we are professional enough to acknowledge that the competitors in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to fairly assess appraisal reports performed by others. And those others could be evaluating our work, too!
When you choose Pinnacle Appraisal Group, LLC, you can rely on our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Pinnacle Appraisal Group, LLC to learn more about our qualifications, expertise and services offered.