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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 fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Fife Appraising, we provide appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's guidelines.A review appraisal should determine: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the manners by which the collateral valuation is obtained ensures independence and quality. Moreover, they must signify whether the appraisal or evaluation report matches the engagement letter, which gives an account of the extent of the appraisal assignment. Lastly, the Federal Reserve 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 coordinating our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we will 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 Fife Appraising, we're skilled in all types of appraisal reviews, review practices and the responsibilities of review appraisers.
At Fife Appraising, you can trust our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Fife Appraising to learn more about our qualifications, expertise and services offered. |
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We are aware of what amounts to a quality appraisal and what the biggest inadequacies are, specifically when it comes to our local housing market.
We're also skilled enough to know that the competition in our market are capable of doing a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Fife Appraising to objectively assess appraisal reports done by others. And those others could be studying our work, too!