Appraisal ReviewsAs said in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers doing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Robert J Reamer provides appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's rules.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the process by which the collateral valuation is accomplished ensures independence and quality. Moreover, they must show whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the scope of the appraisal assignment. Lastly, 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 conforming our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we will 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 Robert J Reamer, we are experienced in all types of appraisal reviews, review processes and the obligations of review appraisers.
We realize what the most likely report defects are, specifically in our housing market, as well as what makes a quality appraisal. In this regard, we're experienced enough to identify that the competition in our market are capable of doing a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to justly valuate appraisal reports executed by others. And those others might be studying our work, too!
Here at Robert J Reamer, you can trust our neutral judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings.