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Savvy Appraisal Reviews by Premier AppraisalsAs 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 expectation of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Premier Appraisals, we provide appraisal review services that are objective, expert, professional and square with the Federal Reserve's guidelines.A review appraisal has to find out: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the method by which the real estate valuation is acquired guarantees independence and quality. Moreover, they should demonstrate whether the appraisal or evaluation report matches the letter of engagement, which describes the extent 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 tailoring our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we'll develop 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 Premier Appraisals, we're qualified in every form of appraisal review, review process and the obligations of review appraisers.
At Premier Appraisals, you can count on our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Premier Appraisals to learn more about our qualifications, expertise and services offered. |
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We know what the typical report weaknesses are, especially in our real estate market, as well as what represents a quality appraisal.
We're also experienced enough to respect that the competitors in our market are capable of a good job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on Premier Appraisals to objectively evaluate appraisal reports carried out by others. And those others could be studying our work, too!