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 it's the duty of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Crosson & Associates provides appraisal review services that are unbiased, efficient, professional and in accordance with the Federal Reserve's regulations.
A review appraisal has to detect: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the procedures by which the real estate valuation is accomplished guarantees independence and quality. In addition, they must denote whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the range of the appraisal assignment. The Fed states 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 procedures and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we can formulate 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 Crosson & Associates, we are skilled in every form of appraisal review, review practice and the responsibilities of review appraisers.
Crosson & Associates is aware of what constitutes a quality appraisal and what the biggest defects are, especially in our local real estate market. In the same regard, we are adequately skilled to acknowledge 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 Crosson & Associates to lawfully evaluate appraisal reports done by others. And those others could be examining our work, too!
In short, when you choose Crosson & Associates, you can have confidence in our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Crosson & Associates regarding our qualifications, expertise and services offered.