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Complete Appraisal Reviews by Valley Appraisal ServicesAccording 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 call of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Valley Appraisal Services, we provide appraisal review services that are impartial, 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 appropriate for the transaction, the liability inherit in the transaction, and whether the methods by which the real estate valuation is accomplished guarantees independence and quality. Moreover, they must demonstrate whether the appraisal or evaluation report matches the engagement letter, which gives an account of the scope of the appraisal assignment. Lastly, the Fed also goes on to say 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 conforming our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we will 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 Valley Appraisal Services, we are skilled in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
Here at Valley Appraisal Services, you can trust our neutral judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings. |
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We are aware of what the most prevalent reporting deficiencies are, specifically in our real estate market. We also understand what represents a quality appraisal.
At the same time, we are trained enough to respect that the competition in our market are capable of a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to ethically assess appraisal reports done by others. And those others may be examining our work, too!