Contact Appraisals Appraisal ReviewsAccording to 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 obligation of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Contact Appraisals, we provide appraisal review services that are objective, qualified, professional and square with the Federal Reserve's guidelines.
A review appraisal should detect: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the processes by which the property valuation is rendered ensures independence and quality. The review should also signify whether the appraisal or evaluation report is in line with the engagement letter, which gives an account of the scope of the appraisal assignment. Lastly, the Fed 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 tailoring our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we'll formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Contact Appraisals, we're qualified in all types of appraisal reviews, review processes and the requirements of review appraisers.
We are aware of what the most common report deficiencies are, especially in our real estate market, as well as what represents a quality appraisal. We're also experienced enough to recognize that our competitors in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Contact Appraisals to fairly review appraisal reports executed by others. And those others might be examining our work, too!
Here at Contact Appraisals, you can rely on our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact Contact Appraisals for more information about our qualifications, expertise and services offered.