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 should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Nagle Appraisal LLC provides appraisal review services that are unbiased, qualified, professional and in line with the Federal Reserve's guidelines.
A review appraisal should ascertain: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the means by which the collateral valuation is accomplished ensures independence and quality. They must also signify whether the appraisal or evaluation report is in line with the letter of engagement, which describes the extent of the appraisal assignment. The Federal Reserve 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 adapting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we can formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Nagle Appraisal LLC, we are skilled in every type of appraisal review, review process and the responsibilities of review appraisers.
Nagle Appraisal LLC understands what the most common report defects are, especially in our home market, as well as what represents a quality appraisal. In the same regard, we're adequately trained to acknowledge that our competitors in our market are capable of doing good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Nagle Appraisal LLC to objectively examine appraisal reports completed by others. And those others may be studying our work, too!
For professional, objective, ethical appraisal review services and neutral judgments, you can rely on Nagle Appraisal LLC. Contact Nagle Appraisal LLC for more information regarding our qualifications, expertise and service offerings.