Appraisal ReviewsAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the duty of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At ERBES APPRAISALS, INC., we provide appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's regulations.
A review appraisal should detect: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the method by which the real estate valuation is obtained guarantees independence and quality. They should also show whether the appraisal or evaluation report is in line with the engagement letter, which describes the reach of the appraisal assignment. Lastly, 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".
In addition to coordinating our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we'll prepare 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 ERBES APPRAISALS, INC., we're trained in all types of appraisal reviews, review processes and the obligations of review appraisers.
We are familiar with what the most prevalent reporting imperfections are, specifically in our home market. We also understand what constitutes a quality appraisal. Concurrently, we are sufficiently trained to distinguish that our competition in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to justly valuate appraisal reports carried out by others. And those others may be reviewing our work, too!
In short, at ERBES APPRAISALS, INC., you can count on our truthful judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and services offered.