|
|
Appraisal Reviews
According 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 duty of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
P.M. Appraisals, Inc. provides appraisal review services that are impartial, qualified, professional and compliant with the Federal Reserve's rules.
The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the actions by which the property valuation is obtained guarantees independence and quality.
In addition, they must announce whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the extent of the appraisal assignment.
Lastly, the Fed 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".
 |
 |
 |
If you have questions about an appraisal, or if you need a real estate appraisal review, contact us today. |
|
|
In addition to adjusting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we will develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
At P.M. Appraisals, Inc., we are experienced in every form of appraisal review, review practice and the requirements of review appraisers.
P.M. Appraisals, Inc. understands what the most likely report deficiencies are, especially in our real estate market, as well as what constitutes a quality appraisal.
In this regard, we are skilled enough to identify that the competition in our market are capable of doing a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to objectively assess appraisal reports completed by others. And those others could be reviewing our work, too!
In short, here at P.M. Appraisals, Inc., you can trust our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients.
Contact P.M. Appraisals, Inc. regarding our qualifications, expertise and service offerings.
|
|
