Appraisal Reviews with All City AppraisalAs 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 undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At All City Appraisal, we provide appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's regulations.
A review appraisal should find out: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the means by which the real estate valuation is attained ensures independence and quality. In addition, they should demonstrate whether the appraisal or evaluation report matches the engagement letter, which describes the outlook of the appraisal assignment. Lastly, the Fed 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 adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we can develop 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 All City Appraisal, we are qualified in all forms of appraisal reviews, review procedures and the obligations of review appraisers.
We are aware of what constitutes a quality appraisal and what the biggest errors are, particularly in our local housing market. The professionals at All City Appraisal are also skilled enough to identify that the competitors in our market are skillful in doing a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on All City Appraisal to justly examine appraisal reports executed by others. And those others could be evaluating our work, too!
For professional, fair, ethical appraisal review services and independent judgments, you can count on All City Appraisal. Contact All City Appraisal for more information regarding our qualifications, expertise and services offered.
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