Quality Appraisal Reviews with Accurate AppraisalsAs 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 preparing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Accurate Appraisals, we provide appraisal review services that are unbiased, efficient, professional and compliant with the Federal Reserve's guidelines.
A review appraisal should reveal: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the method by which the collateral valuation is accomplished ensures independence and quality. In addition, they should indicate whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the extent of the appraisal assignment. Lastly, the Fed also goes on to say 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 adjusting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we can 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 Accurate Appraisals, we're skilled in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.
We are familiar with what the most prevalent reporting imperfections are, particularly in our housing market. We also know what amounts to a quality appraisal. We're also experienced enough to identify that the competitors 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 rely on us to justly study appraisal reports carried out by others. And those others might be evaluating our work, too!
At Accurate Appraisals, you can count on our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact Accurate Appraisals regarding our qualifications, expertise and services offered.