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Appraisal Reviews
As said in 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 expectation of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Abacus Appraisal, Inc. provides appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's regulations.
A review appraisal has to detect: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the manner by which the real estate valuation is acquired guarantees independence and quality.
They should also announce whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the depth of the appraisal assignment.
Lastly, the Federal Reserve also 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".
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If you have questions about an appraisal, or if you're in the need of a real estate appraisal review, contact us today. |
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In addition to conforming our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we can produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
At Abacus Appraisal, Inc. , we're qualified in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
Abacus Appraisal, Inc. is aware of what the most prevalent reporting imperfections are, particularly in our real estate market. We also know what represents a quality appraisal.
Concurrently, we are adequately skilled to respect that the competitors in our market are capable of doing good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to ethically review appraisal reports done by others. And those others could be examining our work, too!
When you choose Abacus Appraisal, Inc. , you can rely on our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our customers.
Contact Abacus Appraisal, Inc. to learn more about our qualifications, expertise and service offerings.
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