|
Complete Appraisal Reviews with THE APPRAISAL SHOPAccording 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 engaged in reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." THE APPRAISAL SHOP provides appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's guidelines.The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the methods by which the property valuation is obtained ensures independence and quality. In addition, they must indicate whether the appraisal or evaluation report matches the engagement letter, which sets forth the extent of the appraisal assignment. The Federal Reserve also says 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 adapting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we will produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At THE APPRAISAL SHOP, we are trained in all kinds of appraisal reviews, review processes and the responsibilities of review appraisers.
You can depend on THE APPRAISAL SHOP for our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings. |
|||||||||
We are familiar with what amounts to a quality appraisal and what the biggest defects are, specifically when it comes to our local housing market.
The professionals at THE APPRAISAL SHOP are also experienced enough to recognize that the competition in our market are skillful in doing a fine job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on THE APPRAISAL SHOP to ethically look over appraisal reports executed by others. And those others could be evaluating our work, too!