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 it's the expectation of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Fields Appraisal Services provides appraisal review services that are objective, qualified, professional and square with the Federal Reserve's rules.
A review appraisal has to pursue: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the procedure by which the collateral valuation is acquired ensures independence and quality. Moreover, they must announce whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the scope of the appraisal assignment. Lastly, the Fed 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".
In addition to tailoring our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we will prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Fields Appraisal Services, we are qualified in every kind of appraisal review, review procedure and the requirements of review appraisers.
We understand what the most common reporting imperfections are, specifically in our housing market. We also understand what amounts to a quality appraisal. The professionals at Fields Appraisal Services are also sufficiently skilled to identify that the competitors in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to objectively assess appraisal reports carried out by others. And those others may be evaluating our work, too!
In short, at Fields Appraisal Services, you can be sure of our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Fields Appraisal Services regarding our qualifications, expertise and service offerings.