Getting a second opinion on an appraisalAs said in a statement 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 Troyer Appraisal Solutions, LLC., we provide appraisal review services that are unbiased, qualified, professional and in accordance with the Federal Reserve's guidelines.
A review appraisal has to pursue: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the procedures by which the property valuation is obtained ensures independence and quality. The review must also demonstrate whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the reach 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 adjusting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can 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 Troyer Appraisal Solutions, LLC., we are qualified in every type of appraisal review, review process and the responsibilities of review appraisers.
Troyer Appraisal Solutions, LLC. knows what the most frequent reporting deficiencies are, particularly in our real estate market. We also know what amounts to a quality appraisal. Concurrently, we are proficient enough to recognize that the competitors in our market are skillful in doing a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to fairly review appraisal reports done by others. And those others could be evaluating our work, too!
Here at Troyer Appraisal Solutions, LLC., you can rely on our honest judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Troyer Appraisal Solutions, LLC. for more information about our qualifications, expertise and service offerings.