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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 it's the duty of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Zink Appraisal Services provides appraisal review services that are independent, expert, professional and in line with the Federal Reserve's rules.A review appraisal should reveal: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the actions by which the real estate valuation is accomplished ensures independence and quality. The review should also indicate whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the reach of the appraisal assignment. The Fed also 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 customers, there are four Fannie Mae forms that are largely used for review services, and we will develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Zink Appraisal Services, we're experienced in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
At Zink Appraisal Services, you can trust our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and service offerings. |
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Zink Appraisal Services realizes what the most common reporting inadequacies are, especially in our home market. We also know what amounts to a quality appraisal.
In the same sense, we are skilled enough to admit that our competition in our market are skillful in doing good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Zink Appraisal Services to fairly review appraisal reports completed by others. And those others may be studying our work, too!