Qualified Appraisal Reviews with Area Appraisal Services, Inc.According to 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 should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Area Appraisal Services, Inc., we provide appraisal review services that are impartial, efficient, professional and square with the Federal Reserve's regulations.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the practices by which the collateral valuation is rendered guarantees independence and quality. They should also indicate whether the appraisal or evaluation report is in line with the engagement letter, which describes the scope 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 conforming our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we can formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Area Appraisal Services, Inc., we are skilled in all kinds of appraisal reviews, review processes and the obligations of review appraisers.
We are familiar with what constitutes a quality appraisal and what the most common errors are, specifically when it comes to our local housing market. The professionals at Area Appraisal Services, Inc. are also adequately skilled to distinguish that our competitors in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to fairly examine appraisal reports done by others. And those others may be studying our work, too!
For professional, fair, ethical appraisal review services and neutral judgments, you can count on Area Appraisal Services, Inc.. Contact us regarding our qualifications, expertise and services offered.