Appraisal ReviewsAs stated 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 expectation of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." All State Appraisal Partners, Inc. provides appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's rules.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the manners by which the collateral valuation is accomplished guarantees independence and quality. Moreover, they must demonstrate whether the appraisal or evaluation report is true to the engagement letter, which sets forth the extent of the appraisal assignment. Lastly, the Federal Reserve 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 coordinating our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are primarily 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. At All State Appraisal Partners, Inc., we are trained in all forms of appraisal reviews, review processes and the responsibilities of review appraisers.
All State Appraisal Partners, Inc. realizes what constitutes a quality appraisal and what the greatest deficiencies are, specifically when it comes to our local housing market. In this regard, we are adequately experienced to admit that our competitors in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to fairly look over appraisal reports done by others. And those others may be evaluating our work, too!
You can depend on All State Appraisal Partners, Inc. for our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and service offerings.
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