Quality Appraisal Reviews by Realist Appraisal ServicesAs stated in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers undertaking reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Realist Appraisal Services provides appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's rules.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the process by which the real estate valuation is acquired guarantees independence and quality. They must also show whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the depth of the appraisal assignment. Lastly, the Federal Reserve 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 conforming our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are largely 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 Realist Appraisal Services, we are trained in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
We understand what makes a quality appraisal and what the most frequent deficiencies are, especially for reports in our local real estate market. The professionals at Realist Appraisal Services are also experienced enough to distinguish that the competition in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust Realist Appraisal Services to ethically review appraisal reports executed by others. And those others might be evaluating our work, too!
In short, here at Realist Appraisal Services, you can trust our honest judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Realist Appraisal Services for more information regarding our qualifications, expertise and services offered.