Appraisal ReviewsAs 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 appraisers undertaking reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At APB Appraisals, we provide appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's guidelines.
A review appraisal has to determine: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the procedure by which the real estate valuation is accomplished ensures independence and quality. Moreover, they should indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the extent of the appraisal assignment. The Fed 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 tailoring our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At APB Appraisals, we are skilled in all forms of appraisal reviews, review procedures and the obligations of review appraisers.
APB Appraisals knows what the typical report imperfections are, especially in our housing market, as well as what amounts to a quality appraisal. The professionals at APB Appraisals are also sufficiently trained to recognize that our competitors in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on APB Appraisals to fairly look over appraisal reports completed by others. And those others could be examining our work, too!
For professional, fair, ethical appraisal review services and honest judgments, you can count on APB Appraisals. Contact APB Appraisals to learn more about our qualifications, expertise and services offered.