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Getting a second opinion on an appraisalAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers fulfilling reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At NIckey J. Duhon, Real Estate Appraiser, we provide appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's rules.A review appraisal has to ascertain: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the method by which the collateral valuation is acquired guarantees independence and quality. The review must also indicate whether the appraisal or evaluation report matches the letter of engagement, which sets forth the depth of the appraisal assignment. The Federal Reserve 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 normally used for review services, and we'll produce 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 NIckey J. Duhon, Real Estate Appraiser, we are experienced in every type of appraisal review, review procedure and the responsibilities of review appraisers.
In short, at NIckey J. Duhon, Real Estate Appraiser, you can be sure of our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact NIckey J. Duhon, Real Estate Appraiser for more information about our qualifications, expertise and services offered. |
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We realize what amounts to a quality appraisal and what the biggest imperfections are, specifically when it comes to our home market.
Concurrently, we're experienced enough to distinguish that the competitors in our market are capable of doing a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to fairly review appraisal reports carried out by others. And those others might be examining our work, too!