Appraisal Reviews with The Appraisal Shoppe, Inc.As stated in 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 prudent for appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At The Appraisal Shoppe, Inc., we provide appraisal review services that are impartial, expert, professional and square with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the method by which the property valuation is attained guarantees independence and quality. In addition, they must announce whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the capacity of the appraisal assignment. Lastly, the Fed 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 conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we'll formulate 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 Shoppe, Inc., we're skilled in all kinds of appraisal reviews, review practices and the obligations of review appraisers.
We are familiar with what the most frequent reporting defects are, especially in our housing market. We also know what amounts to a quality appraisal. Concurrently, we're trained enough to respect that our competition in our market are capable of doing quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to fairly assess appraisal reports performed by others. And those others might be examining our work, too!
In short, at The Appraisal Shoppe, Inc., you can trust our truthful judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings.