Competent Appraisal Reviews with The Appraisal StationAccording 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 responsibility of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At The Appraisal Station, we provide appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's regulations.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the manner by which the collateral valuation is acquired guarantees independence and quality. In addition, they must show whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the range 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 tailoring our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at The Appraisal Station, we're trained in all types of appraisal reviews, review procedures and the requirements of review appraisers.
We're aware of what the most prevalent reporting imperfections are, specifically in our home market. We also understand what constitutes a quality appraisal. We're also experienced enough to realize that our competition in our market are capable of good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on The Appraisal Station to fairly look over appraisal reports carried out by others. And those others might be examining our work, too!
You can count on The Appraisal Station for our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and service offerings.