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Complete Appraisal Reviews with Residential Appraisal ResourceAccording 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 prudent for appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Residential Appraisal Resource provides appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's rules.A review appraisal has to reveal: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the processes by which the property valuation is acquired guarantees independence and quality. They should also announce whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the extent of the appraisal assignment. The Fed 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".
In addition to tailoring our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we can produce an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Residential Appraisal Resource, we are trained in every type of appraisal review, review procedure and the requirements of review appraisers.
For professional, objective, ethical appraisal review services and honest judgments, you can depend on Residential Appraisal Resource. Contact Residential Appraisal Resource for more information about our qualifications, expertise and services offered. |
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Residential Appraisal Resource understands what makes a quality appraisal and what the most frequent defects are, especially in our home market.
In the same regard, we are experienced enough to distinguish that the competitors in our market are capable of good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to justly examine appraisal reports completed by others. And those others may be studying our work, too!