The Federal Reserve has recently said that “financial institutions must have an effective, independent real estate appraisal and evaluation program,” and that appraisers performing reviews should “have the knowledge and expertise to assess compliance with the Federal Reserves appraisal regulations and guidelines.” Here at Perfect Appraisals, we provide appraisal review services that are highly qualified, independent, professional and in line with the Federal Reserve’s guidelines.
Appraisal reviews “should determine whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the process by which the collateral valuation is obtained ensures independence and quality,” the Fed says.They “should also indicate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment.”The Fed also notes 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.”
There are four main Fannie Mae forms that are used for review services, and we can prepare appraisal reviews on any of them. The reviews include an appraisal “desk” review, a “field” review, a “short” form and a “narrative” form. Here at Perfect Appraisals, we are experienced in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
Perfect Appraisals understands what makes a quality appraisal and what the most common deficiencies are. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Perfect Appraisals to ethically evaluate appraisal reports performed by others.
Here at Perfect Appraisals, you can rely on our independent judgment, because we offer objective, professional, ethical appraisal review services for our clients.