Competent Appraisal Reviews with Reliant AppraisalsAccording to 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 duty of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Reliant Appraisals provides appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's rules.
A review appraisal should determine: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the procedures by which the real estate valuation is accomplished ensures independence and quality. They should also signify whether the appraisal or evaluation report is true to the letter of engagement, which describes the extent of the appraisal assignment. Lastly, the Fed also says 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 usually used for review services, and we'll prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Reliant Appraisals, we are qualified in all kinds of appraisal reviews, review procedures and the responsibilities of review appraisers.
We are aware of what represents a quality appraisal and what the most common defects are, particularly in our home market. In the same sense, we are experienced enough to acknowledge that the competitors in our market are able to do quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Reliant Appraisals to ethically examine appraisal reports completed by others. And those others might be studying our work, too!
When you choose Reliant Appraisals, you can count on our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Reliant Appraisals for more information regarding our qualifications, expertise and services offered.