Appraisal ReviewsAs said 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 responsibility of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Dedicated Appraisers, Inc., we provide appraisal review services that are impartial, expert, professional and in accordance with the Federal Reserve's regulations.
A review appraisal should determine: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the procedure by which the real estate valuation is obtained ensures independence and quality. They must also announce whether the appraisal or evaluation report is true to the engagement letter, which describes 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 coordinating our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we will prepare 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 Dedicated Appraisers, Inc., we are skilled in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
Dedicated Appraisers, Inc. realizes what the biggest reporting weaknesses are, especially in our home market. We also know what constitutes a quality appraisal. The professionals at Dedicated Appraisers, Inc. are also sufficiently experienced to respect that our competition in our market are capable of good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to fairly examine appraisal reports executed by others. And those others may be examining our work, too!
In short, when you choose Dedicated Appraisers, Inc., you can be sure of our truthful judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and services offered.