According to a statement 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.” At Pamela Evans, we provide appraisal review services that are independent, qualified, professional and square with the Federal Reserve’s regulations.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the procedure by which the property valuation is rendered ensures independence and quality. In addition, they must denote whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the range of the appraisal assignment. The Fed 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”.
| If you need a real estate appraisal review or have questions in reference to an appraisal, call Pamela Evans today. | ||
In addition to conforming our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are typically 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 Pamela Evans, we’re trained in every type of appraisal review, review process and the obligations of review appraisers.
We’re aware of what the biggest reporting imperfections are, particularly in our home market. We also understand what constitutes a quality appraisal. The professionals at Pamela Evans are also sufficiently trained to acknowledge that our competitors in our market are qualified to do a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Pamela Evans to objectively look over appraisal reports done by others. And those others might be reviewing our work, too!
Here at Pamela Evans, you can have confidence in our independent judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings.