|
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 appraisers producing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." 121Valuation provides appraisal review services that are independent, expert, professional and in line with the Federal Reserve's rules.A review appraisal has to ascertain: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the means by which the real estate valuation is acquired guarantees independence and quality. They must also demonstrate whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the reach 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 conforming our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we will 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 121Valuation, we are trained in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
In short, when you choose 121Valuation, you can have confidence in our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered. |
|||||||||
We are aware of what the most frequent report deficiencies are, particularly in our home market, as well as what represents a quality appraisal.
We're also adequately skilled to admit that the competition in our market are skillful in doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to justly study appraisal reports executed by others. And those others might be reviewing our work, too!