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 appraisers preparing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Gregory James Company, Inc. provides appraisal review services that are unbiased, efficient, professional and square with the Federal Reserve's guidelines.
A review appraisal should find out: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the methods by which the collateral valuation is acquired guarantees independence and quality. Moreover, they must denote whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the range of the appraisal assignment. Lastly, the Fed also goes on to say 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 develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Gregory James Company, Inc., we're qualified in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
Gregory James Company, Inc. understands what the most prevalent report imperfections are, specifically in our real estate market, as well as what constitutes a quality appraisal. At the same time, we're skilled enough to recognize that the competition in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to lawfully evaluate appraisal reports performed by others. And those others could be examining our work, too!
In short, here at Gregory James Company, Inc., you can trust our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered.