Appraisal ReviewsAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers undertaking reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Paradise Appraisals, we provide appraisal review services that are impartial, efficient, professional and compliant with the Federal Reserve's regulations.
A review appraisal has to ascertain: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the practices by which the property valuation is acquired guarantees independence and quality. They must also announce whether the appraisal or evaluation report is in line with the engagement letter, which gives an account of the scope of the appraisal assignment. Lastly, 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 coordinating our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we will 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 Paradise Appraisals, we are skilled in all types of appraisal reviews, review procedures and the obligations of review appraisers.
We are familiar with what the most prevalent report weaknesses are, especially in our real estate market, as well as what constitutes a quality appraisal. We're also skilled enough to know that the competition in our market are skillful in doing a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Paradise Appraisals to ethically look over appraisal reports completed by others. And those others may be studying our work, too!
You can count on Paradise Appraisals for our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and services offered.