Appraisal Reviews with Anew Real Estate AppraisalAs 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 preparing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Anew Real Estate Appraisal provides appraisal review services that are impartial, qualified, professional and in accordance with the Federal Reserve's guidelines.
A review appraisal should 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 acquired ensures independence and quality. In addition, they must signify whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the extent of the appraisal assignment. The Federal Reserve 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".
In addition to coordinating our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Anew Real Estate Appraisal, we are trained in all kinds of appraisal reviews, review processes and the requirements of review appraisers.
We are familiar with what the most likely report deficiencies are, specifically in our housing market, as well as what constitutes a quality appraisal. At the same time, we are trained enough to know that our 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 ethically review appraisal reports done by others. And those others could be examining our work, too!
For professional, unbiased, ethical appraisal review services and truthful judgments, you can rely on Anew Real Estate Appraisal. Contact Anew Real Estate Appraisal for more information regarding our qualifications, expertise and services offered.