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Appraisal ReviewsAs said in a statement 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 undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." The Appraisal Source provides appraisal review services that are impartial, expert, professional and compliant with the Federal Reserve's regulations.A review appraisal should verify: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the procedure by which the property valuation is attained ensures independence and quality. They should also signify whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the scope of the appraisal assignment. Lastly, the Fed 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 tailoring our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we will formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At The Appraisal Source, we're experienced in all forms of appraisal reviews, review practices and the requirements of review appraisers.
You can rely on The Appraisal Source for our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact The Appraisal Source to learn more about our qualifications, expertise and service offerings. |
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We are aware of what the greatest reporting deficiencies are, specifically in our real estate market. We also understand what constitutes a quality appraisal.
At the same time, we are skilled enough to realize that the competition in our market are skillful in doing a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on The Appraisal Source to objectively study appraisal reports carried out by others. And those others may be evaluating our work, too!