Fast Appraisals 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 it's the prudent for appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Fast Appraisals provides appraisal review services that are impartial, efficient, 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 actions by which the real estate valuation is obtained guarantees independence and quality. Moreover, they should announce whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the capacity 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 tailoring our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we'll 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 Fast Appraisals, we are qualified in every form of appraisal review, review process and the requirements of review appraisers.
Fast Appraisals knows what represents a quality appraisal and what the most prevalent errors are, specifically when it comes to our home market. In this regard, we are amply skilled to realize that our competition in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Fast Appraisals to fairly review appraisal reports performed by others. And those others could be reviewing our work, too!
In short, at Fast Appraisals, you can have confidence in our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings.