Appraisal Reviews by Appraisal Services and Solutions, LLCAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers producing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Appraisal Services and Solutions, LLC, we provide appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's regulations.
A review appraisal should verify: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the procedures by which the property valuation is acquired ensures independence and quality. The review must also indicate whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the scope of the appraisal assignment. The Federal Reserve 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 adjusting our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we will formulate 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 Appraisal Services and Solutions, LLC, we are trained in all forms of appraisal reviews, review practices and the requirements of review appraisers.
Appraisal Services and Solutions, LLC is aware of what the most frequent reporting defects are, particularly in our housing market. We also understand what makes a quality appraisal. The professionals at Appraisal Services and Solutions, LLC are also trained enough to recognize that our competitors in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to objectively look over appraisal reports completed by others. And those others could be evaluating our work, too!
You can count on Appraisal Services and Solutions, LLC for our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings.