Appraisal ReviewsAs 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 it's the responsibility of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At M.C. Appraisals, Inc., we provide appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's regulations.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the actions by which the collateral valuation is attained guarantees independence and quality. In addition, they must demonstrate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the outlook of the appraisal assignment. The Fed 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 adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are widely 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. Here at M.C. Appraisals, Inc., we are skilled in all forms of appraisal reviews, review processes and the requirements of review appraisers.
M.C. Appraisals, Inc. is aware of what the most likely report deficiencies are, especially in our housing market, as well as what constitutes a quality appraisal. In this regard, we're sufficiently skilled to recognize that our competitors in our market are skillful in doing a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to lawfully look over appraisal reports executed by others. And those others may be examining our work, too!
At M.C. Appraisals, Inc., you can have confidence in our truthful judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered.