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 it's the expectation of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Amerifirst Appraisal Company, Inc., we provide appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the procedure by which the property valuation is attained guarantees independence and quality. They must also indicate whether the appraisal or evaluation report is consistent with the letter of engagement, 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".
In addition to adjusting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we can 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. At Amerifirst Appraisal Company, Inc., we are qualified in all types of appraisal reviews, review practices and the requirements of review appraisers.
We are aware of what the greatest reporting deficiencies are, particularly in our real estate market. We also understand what amounts to a quality appraisal. At the same time, we're proficient enough to distinguish that the 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 trust us to justly study appraisal reports carried out by others. And those others may be studying our work, too!
For professional, unbiased, ethical appraisal review services and neutral judgments, you can depend on Amerifirst Appraisal Company, Inc.. Contact us to learn more about our qualifications, expertise and service offerings.