Getting a second opinion on an appraisalAccording to 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 have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Ken Colley & Associates Inc. provides appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the procedure by which the property valuation is obtained ensures independence and quality. Moreover, they must announce whether the appraisal or evaluation report is true to the engagement letter, which gives an account of the outlook 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 coordinating our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Ken Colley & Associates Inc., we are qualified in all forms of appraisal reviews, review practices and the requirements of review appraisers.
We're aware of what the most common reporting weaknesses are, specifically in our home market. We also understand what represents a quality appraisal. In the same sense, the professionals at Ken Colley & Associates Inc. are amply skilled to realize that our competition in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Ken Colley & Associates Inc. to lawfully valuate appraisal reports done by others. And those others may be reviewing our work, too!
In short, when you choose Ken Colley & Associates Inc., you can count on our truthful judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and services offered.