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Appraisal ReviewsAs 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 preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Thousand Islands Appraisals provides appraisal review services that are objective, qualified, professional and square with the Federal Reserve's regulations.A review appraisal should verify: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the means by which the property valuation is rendered guarantees independence and quality. They should also denote whether the appraisal or evaluation report is in line with the letter of engagement, which sets forth the reach of the appraisal assignment. The Federal Reserve 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 forms and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Thousand Islands Appraisals, we're qualified in all kinds of appraisal reviews, review procedures and the responsibilities of review appraisers.
When you choose Thousand Islands Appraisals, you can rely on our neutral judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and services offered. |
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We realize what the most frequent report weaknesses are, particularly in our real estate market, as well as what amounts to a quality appraisal.
In the same regard, we are sufficiently experienced to realize that the competition 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 trust us to fairly assess appraisal reports executed by others. And those others may be evaluating our work, too!