Appraisal ReviewsAs said 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 call of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Appraisal Associates provides appraisal review services that are unbiased, expert, professional and in accordance with the Federal Reserve's rules.
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 procedures by which the collateral valuation is obtained ensures independence and quality. They should also announce whether the appraisal or evaluation report is true to the engagement letter, which sets forth the extent of the appraisal assignment. Lastly, the Fed 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 adjusting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Appraisal Associates, we are skilled in every type of appraisal review, review procedure and the obligations of review appraisers.
Appraisal Associates understands what the biggest reporting inadequacies are, specifically in our real estate market. We also know what makes a quality appraisal. The professionals at Appraisal Associates are also trained enough to admit that our competitors in our market are capable of doing a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to objectively valuate appraisal reports done by others. And those others may be examining our work, too!
You can count on Appraisal Associates for our truthful judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Appraisal Associates for more information about our qualifications, expertise and services offered.