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 call of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Fairway Appraisal Services, we provide appraisal review services that are independent, efficient, professional and square with the Federal Reserve's regulations.
A review appraisal has to verify: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the process by which the property valuation is rendered guarantees independence and quality. Moreover, they must show whether the appraisal or evaluation report is true to the letter of engagement, which describes the extent of the appraisal assignment. The Federal Reserve goes on to say 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 adjusting our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we'll produce 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 Fairway Appraisal Services, we are qualified in every type of appraisal review, review process and the responsibilities of review appraisers.
Fairway Appraisal Services understands what the biggest reporting weaknesses are, particularly in our real estate market. We also know what represents a quality appraisal. The professionals at Fairway Appraisal Services are also amply skilled to distinguish that the competitors in our market are skillful in doing good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to justly look over appraisal reports executed by others. And those others could be examining our work, too!
At Fairway Appraisal Services, you can count on our neutral judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and service offerings.