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Appraisal Reviews by Fuller AppraisalsAs 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 expectation of appraisers fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Fuller Appraisals provides appraisal review services that are impartial, qualified, professional and in accordance with the Federal Reserve's guidelines.The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the procedure by which the collateral valuation is acquired guarantees independence and quality. They should also indicate whether the appraisal or evaluation report matches the letter of engagement, which describes the scope of the appraisal assignment. The Fed goes on to say 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 regulations and guidelines of our review clients, there are four Fannie Mae forms that are usually 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 Fuller Appraisals, we're experienced in every form of appraisal review, review practice and the requirements of review appraisers.
Here at Fuller Appraisals, you can trust our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Fuller Appraisals for more information about our qualifications, expertise and services offered. |
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We are aware of what the most frequent report inadequacies are, particularly in our housing market, as well as what represents a quality appraisal.
In the same regard, we are trained enough to identify that the competitors in our market are skillful in doing good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to objectively review appraisal reports performed by others. And those others could be examining our work, too!