Our Appraisal Review Services
The Federal Reserve has now reiterated that “financial institutions must have an effective, independent real estate appraisal and evaluation program,” and that appraisers performing reviews should “have the knowledge and expertise to assess compliancy with the Federal Reserves appraisal regulations and guidelines.” Right here at Appraise Colorado Inc, we provide appraisal review solutions which are independent, qualified, professional and square with the Federal Reserve’s standards.
Appraisal reviews “need to determine whether the appraisal or evaluation is suitable for the transaction, the risk of the transaction, and whether the process wherein the collateral valuation is acquired ensures independence and quality,” the Feds say. “They must also identify whether or not the appraisal or evaluation report is similar to the letter of engagement, which sets forth the scope of the appraisal assignment.” The Feds also note that “some banks add regular reviews with post-funding evaluations of appraisal grade for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems.”
In addition to contouring our work to the forms and recommendations of our review customers, there are four Fannie Mae forms that are commonly utilized for review services, and we can prepare an appraisal review on any or all of them. These include an appraisal “desk” review, a “field” review, a “short” form and a “narrative” form. Here at Appraise Colorado Inc, we are experienced in all types of appraisal reviews, review processes and the duties of review appraisers.
We understand what produces a quality appraisal and what the most common inefficiencies are, especially in our home market. Simultaneously, we are professional enough to recognize that our competition in our market are capable of doing a good job! The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to ethically evaluate appraisal reports performed by other individuals. Those others may be reviewing our work, too!
In summary, here at Appraise Colorado Inc, you can rely on our independent wisdom, because we provide professional, objective, ethical appraisal review services for our clients. Please browse our website to discover more about our qualifications, experience and solutions offered.