|
Competent Appraisal Reviews by Appraisal SolutionsAccording 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 doing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Appraisal Solutions provides appraisal review services that are objective, expert, professional and in line with the Federal Reserve's regulations.The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the manners by which the real estate valuation is acquired guarantees independence and quality. They must also indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the reach of the appraisal assignment. The Federal Reserve 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 forms and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we will 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 Appraisal Solutions, we are experienced in all forms of appraisal reviews, review processes and the obligations of review appraisers.
For professional, objective, ethical appraisal review services and honest judgments, you can count on Appraisal Solutions. Contact us regarding our qualifications, expertise and service offerings. |
|||||||||
Appraisal Solutions knows what the most prevalent report weaknesses are, particularly in our housing market, as well as what represents a quality appraisal.
In the same regard, we're sufficiently trained to distinguish that the competition in our market are skillful in doing a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Appraisal Solutions to lawfully review appraisal reports carried out by others. And those others might be studying our work, too!