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 undertaking reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Jackson Claborn, Inc. provides appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the process by which the property valuation is acquired guarantees independence and quality. In addition, they should denote whether the appraisal or evaluation report is in line with the engagement letter, which describes the scope of the appraisal assignment. Lastly, the Federal Reserve 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 tailoring our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Jackson Claborn, Inc., we are trained in every kind of appraisal review, review process and the requirements of review appraisers.
We're aware of what the most prevalent report imperfections are, especially in our housing market, as well as what represents a quality appraisal. We're also trained enough to recognize that the competitors 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 rely on Jackson Claborn, Inc. to ethically review appraisal reports executed by others. And those others might be examining our work, too!
You can trust Jackson Claborn, Inc. for our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Jackson Claborn, Inc. to learn more about our qualifications, expertise and service offerings.