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Appraisal Reviews with Anderson Appraisal, LLC
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 engaged in reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Here at Anderson Appraisal, LLC, we provide appraisal review services that are impartial, expert, professional and in accordance with the Federal Reserve's rules.
A review appraisal has to find out: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the procedures by which the real estate valuation is obtained ensures independence and quality.
They must also show whether the appraisal or evaluation report is in line with the engagement letter, which describes the scope of the appraisal assignment.
The Federal Reserve also states 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 regarding an appraisal, or if you're in the need of a real estate appraisal review, contact us today. |
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In addition to coordinating our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we'll develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
Here at Anderson Appraisal, LLC, we are experienced in all kinds of appraisal reviews, review procedures and the obligations of review appraisers.
We are familiar with what the most likely report defects are, especially in our home market, as well as what amounts to a quality appraisal.
At the same time, we are proficient enough to acknowledge that the competition in our market are qualified to do a good job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Anderson Appraisal, LLC to ethically examine appraisal reports done by others. And those others might be evaluating our work, too!
At Anderson Appraisal, LLC, you can count on our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients.
Contact Anderson Appraisal, LLC to learn more about our qualifications, expertise and services offered.
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