Expert Appraisal Reviews
As said in an announcement by the Federal Reserve, "financial institutions are required to have effective, independent real estate appraisal and evaluation procedures," and that appraisers fulfilling reviews ought to "have the knowledge and expertise to determine compliance with the Federal Reserves appraisal rules and guidelines." We can provide appraisal review services that are unbiased, efficient, professional and square with the Federal Reserve's guidelines.
If you need a real estate appraisal review or have questions regarding an appraisal, contact us today.
Appraisal reviews "have to determine whether the appraisal or evaluation is appropriate for the transaction, the uncertainty of the transaction, and whether the process by which the collateral valuation is obtained ensures independence and quality," the Federal Reserve says. Moreover, they "should show whether the appraisal or evaluation report is even with the engagement letter, which gives an account of the capacity of the appraisal assignment." The Federal Reserve also notes that "some financial institutions reinforce regular reviews with post-funding surveys of appraisal quality for any of their high-liability or larger-value contracts as a means to assist in exposing valuation issues."
In addition to tailoring our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are mostly 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.
We know what the biggest defects are, particularly in our market. We also understand what amounts to a quality appraisal. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on me for our honest judgment, because I offer my clients professional, impartial, ethical appraisal review services. Contact me for more information about our qualifications, expertise and service offerings.