Appraisal ReviewsAs 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 completing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At CAA Real Property Services, Inc., we provide appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's rules.
A review appraisal should detect: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the practices by which the real estate valuation is rendered guarantees independence and quality. They must also demonstrate whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the reach of the appraisal assignment. Lastly, the Federal Reserve states 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 processes and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we will produce 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 CAA Real Property Services, Inc., we're qualified in all forms of appraisal reviews, review processes and the obligations of review appraisers.
We're aware of what makes a quality appraisal and what the most common errors are, specifically in our local real estate market. In this regard, we are sufficiently trained to distinguish that our competition in our market are able to do a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust CAA Real Property Services, Inc. to lawfully valuate appraisal reports completed by others. And those others could be evaluating our work, too!
You can rely on CAA Real Property Services, Inc. for our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and services offered.