The Federal Reserve has recently reiterated that "financial institutions must have an effective, independent real estate appraisal and evaluation
program," and that appraisers performing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserves appraisal
regulations and guidelines."
Appraisal reviews "should determine whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether
the process by which the collateral valuation is obtained ensures independence and quality," the Fed says. They "should also indicate whether the
appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment." The Fed also 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."
If you need a real estate appraisal review or have questions in reference to an appraisal, call us today.
In addition to conforming our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are generally used for
review services, and we can prepare 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 Priority Appraisal we are experienced in all types of appraisal reviews, review procedures and the responsibilities
of review appraisers.
We understand what makes a quality appraisal and what the most common deficiencies are, especially in our home market. At the same time, we are professional
enough to recognize that our competitors in our market are capable of doing a good job! The Uniform Standards of Professional Appraisal Practice (USPAP)
govern appraisal reviews as well as appraisal reports, and you can count on us to ethically evaluate appraisal reports performed by others. Those others
may be reviewing our work, too!
In short, here at Priority Appraisal you can rely on our independent judgment, because we offer professional, objective, ethical appraisal
review services for our clients.