Skilled Appraisal Reviews with Appraisal QuestAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers fulfilling reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Appraisal Quest provides appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's regulations.
The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the manners by which the property valuation is accomplished guarantees independence and quality. Moreover, they should announce whether the appraisal or evaluation report is true to the engagement letter, which sets forth the scope of the appraisal assignment. The Federal Reserve 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 customers, there are four Fannie Mae forms that are widely 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 Appraisal Quest, we're skilled in every kind of appraisal review, review procedure and the requirements of review appraisers.
Appraisal Quest is aware of what constitutes a quality appraisal and what the greatest imperfections are, particularly for reports in our home market. Concurrently, we are trained enough to know that the competitors in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on Appraisal Quest to fairly evaluate appraisal reports done by others. And those others may be evaluating our work, too!
For professional, objective, ethical appraisal review services and independent judgments, you can count on Appraisal Quest. Contact us regarding our qualifications, expertise and service offerings.