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Appraisal Reviews with The Appraisal Shop, LLC
According 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 expectation of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
At The Appraisal Shop, LLC, we provide appraisal review services that are independent, efficient, professional and square with the Federal Reserve's rules.
A review appraisal has to pursue: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the procedures by which the collateral valuation is acquired ensures independence and quality.
In addition, they must demonstrate whether the appraisal or evaluation report matches the engagement letter, which gives an account of the outlook of the appraisal assignment.
Lastly, the Federal Reserve also 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 primarily used for review services, and we can 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.
Here at The Appraisal Shop, LLC, we're skilled in every form of appraisal review, review process and the requirements of review appraisers.
The Appraisal Shop, LLC realizes what constitutes a quality appraisal and what the most frequent errors are, specifically when it comes to our local housing market.
The professionals at The Appraisal Shop, LLC are also trained enough to know that the competitors in our market are qualified to do good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to lawfully assess appraisal reports completed by others. And those others could be reviewing our work, too!
In short, here at The Appraisal Shop, LLC, you can have confidence in our neutral judgment, because we offer professional, fair, ethical appraisal review services for our customers.
Contact us to learn more about our qualifications, expertise and services offered.
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