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Savvy Appraisal Reviews with Definitive ValuationsAs stated 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 obligation of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Definitive Valuations, we provide appraisal review services that are objective, efficient, professional and compliant with the Federal Reserve's rules.The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the procedure by which the property valuation is accomplished ensures independence and quality. Moreover, they should demonstrate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the range of the appraisal assignment. The Fed says 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 procedures and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we'll develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Definitive Valuations, we are experienced in every type of appraisal review, review practice and the requirements of review appraisers.
You can trust Definitive Valuations for our truthful judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Definitive Valuations to learn more about our qualifications, expertise and service offerings. |
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We understand what makes a quality appraisal and what the biggest defects are, especially when it comes to our local housing market.
In the same sense, we are proficient enough to realize that the competitors in our market are skillful in doing good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to justly evaluate appraisal reports carried out by others. And those others might be evaluating our work, too!