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Qualified Appraisal Reviews with Residential ValuationAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the prudent for appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Residential Valuation, we provide appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's guidelines.A review appraisal has to detect: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the procedure by which the property valuation is rendered guarantees independence and quality. Moreover, they must denote whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the extent of the appraisal assignment. The Federal Reserve states 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 adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we can develop 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 Residential Valuation, we are trained in all kinds of appraisal reviews, review processes and the responsibilities of review appraisers.
In short, here at Residential Valuation, you can be sure of our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings. |
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We know what makes a quality appraisal and what the most prevalent imperfections are, specifically in our home market.
In the same regard, the professionals at Residential Valuation are adequately experienced to realize that our competition 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 trust us to justly evaluate appraisal reports completed by others. And those others could be examining our work, too!