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Quality Appraisal Reviews by Powers Appraisal Service
As 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 producing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Here at Powers Appraisal Service, we provide appraisal review services that are impartial, expert, professional and square with the Federal Reserve's regulations.
A review appraisal should ascertain: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the manner by which the property valuation is accomplished ensures independence and quality.
The review must also demonstrate whether the appraisal or evaluation report is in line with the engagement letter, which gives an account of the extent of the appraisal assignment.
Lastly, the Federal Reserve also says 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".
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If you have questions about an appraisal, or if you need a real estate appraisal review, contact us today. |
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In addition to adjusting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we can formulate 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 Powers Appraisal Service, we are qualified in all forms of appraisal reviews, review practices and the obligations of review appraisers.
Powers Appraisal Service knows what represents a quality appraisal and what the biggest deficiencies are, especially for reports in our local real estate market.
The professionals at Powers Appraisal Service are also amply skilled to recognize 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 objectively valuate appraisal reports done by others. And those others might be studying our work, too!
At Powers Appraisal Service, you can rely on our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients.
Contact us for more information regarding our qualifications, expertise and services offered.
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