|
|
Appraisal Reviews
According to 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 undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Here at Merit Appraisal Service, we provide appraisal review services that are independent, expert, professional and square with the Federal Reserve's regulations.
A review appraisal has to pursue: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the procedures by which the collateral valuation is accomplished guarantees independence and quality.
They should also denote whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the extent of the appraisal assignment.
Lastly, 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".
 |
 |
 |
If you have questions about an appraisal, or if you need a real estate appraisal review, call us today. |
|
|
In addition to adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
At Merit Appraisal Service, we're experienced in every form of appraisal review, review practice and the requirements of review appraisers.
We are aware of what the typical report deficiencies are, specifically in our housing market, as well as what represents a quality appraisal.
In this regard, we're sufficiently trained to acknowledge that our competition in our market are qualified to do a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Merit Appraisal Service to lawfully evaluate appraisal reports performed by others. And those others could be evaluating our work, too!
In short, at Merit Appraisal Service, you can count on our honest judgment, because we offer professional, impartial, ethical appraisal review services for our clients.
Contact Merit Appraisal Service for more information regarding our qualifications, expertise and services offered.
|
|
