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 performing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Lewis S. Lerman Associates provides appraisal review services that are impartial, expert, professional and in accordance with the Federal Reserve's regulations.
A review appraisal has to reveal: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the process by which the real estate valuation is attained guarantees independence and quality. The review must also denote whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the depth of the appraisal assignment. Lastly, the Federal Reserve 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 conforming our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Lewis S. Lerman Associates, we're qualified in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.
Lewis S. Lerman Associates is aware of what the greatest reporting deficiencies are, especially in our home market. We also understand what represents a quality appraisal. In this regard, we are experienced enough to respect that our competition in our market are qualified to do a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust Lewis S. Lerman Associates to justly look over appraisal reports executed by others. And those others may be examining our work, too!
For professional, objective, ethical appraisal review services and neutral judgments, you can count on Lewis S. Lerman Associates. Contact Lewis S. Lerman Associates for more information regarding our qualifications, expertise and services offered.