As said in a statement by the Federal Reserve, “financial institutions must have an effective, independent real estate appraisal and evaluation program” and that appraisers engaged in reviews must “have the knowledge and expertise to assess compliance with the Federal Reserve’s appraisal regulations and guidelines.” Here at Reveille Real Estate Appraisal, we provide appraisal review services that are unbiased, expert, professional and in line with the Federal Reserve’s rules.
The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the procedure by which the collateral valuation is obtained ensures independence and quality. Moreover, they should indicate whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the capacity of the appraisal assignment. The Federal Reserve also states 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.”
If you need a real estate appraisal review or have questions about an appraisal, call Reveille Real Estate Appraisal today.
In addition to adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we’ll formulate 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 Reveille Real Estate Appraisal, we’re skilled in all forms of appraisal reviews, review procedures and the obligations of review appraisers.
We understand what the biggest reporting inadequacies are, specifically in our home market. We also know what amounts to a quality appraisal. In the same regard, the professionals at Reveille Real Estate Appraisal are sufficiently skilled to admit that our competition in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to objectively evaluate appraisal reports done by others. And those others could be reviewing our work, too!
In short, when you choose Reveille Real Estate Appraisal, you can count on our honest judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and service offerings.