Savvy Appraisal Reviews with Appraisal NetworkAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers completing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Appraisal Network, we provide appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's regulations.
A review appraisal has to verify: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the manners by which the collateral valuation is accomplished guarantees independence and quality. In addition, they should show whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the capacity of the appraisal assignment. The Fed notes 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 processes and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we can produce 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 Appraisal Network, we are qualified in every kind of appraisal review, review practice and the obligations of review appraisers.
We understand what represents a quality appraisal and what the most prevalent imperfections are, particularly for reports in our home market. We're also skilled enough to recognize that our competitors in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to ethically assess appraisal reports completed by others. And those others could be reviewing our work, too!
You can count on Appraisal Network for our truthful judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and services offered.