Quality Appraisal Reviews by Central Valley Home AppraisalAs 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 call of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Central Valley Home Appraisal, we provide appraisal review services that are unbiased, expert, professional and in line with the Federal Reserve's regulations.
A review appraisal should ascertain: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the processes by which the collateral valuation is rendered guarantees independence and quality. Moreover, they must denote whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the outlook of the appraisal assignment. Lastly, the Federal Reserve 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".
In addition to tailoring our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we can 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. Here at Central Valley Home Appraisal, we're qualified in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
We know what the most frequent report deficiencies are, specifically in our home market, as well as what constitutes a quality appraisal. At the same time, we are professional enough to realize that our competition in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to justly evaluate appraisal reports performed by others. And those others might be evaluating our work, too!
In short, when you choose Central Valley Home Appraisal, you can be sure of our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Central Valley Home Appraisal for more information regarding our qualifications, expertise and services offered.