Reachable Appraisal Services Appraisal ReviewsAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers producing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Reachable Appraisal Services provides appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's rules.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the process by which the collateral valuation is accomplished guarantees independence and quality. Moreover, they must demonstrate whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the capacity of the appraisal assignment. Lastly, 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".
In addition to adjusting our work to the processes and guidelines of our review customers, 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. At Reachable Appraisal Services, we're experienced in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
We know what the typical report inadequacies are, particularly in our home market, as well as what makes a quality appraisal. In the same sense, we're skilled enough to acknowledge that the competition in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Reachable Appraisal Services to justly review appraisal reports executed by others. And those others could be studying our work, too!
Here at Reachable Appraisal Services, you can count on our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings.