Expert Appraisal Reviews by Precision Appraisal & ReviewAs 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 it's the duty of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Precision Appraisal & Review, we provide appraisal review services that are impartial, expert, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the processes by which the property valuation is acquired guarantees independence and quality. The review must also show whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the reach of the appraisal assignment. The Fed notes 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 regulations and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we can develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Precision Appraisal & Review, we are trained in every form of appraisal review, review process and the responsibilities of review appraisers.
We are aware of what constitutes a quality appraisal and what the most common imperfections are, particularly when it comes to our home market. In the same regard, we are adequately skilled to recognize that the competition in our market are able to do a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to ethically evaluate appraisal reports performed by others. And those others could be studying our work, too!
When you choose Precision Appraisal & Review, you can rely on our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Precision Appraisal & Review to learn more about our qualifications, expertise and service offerings.