Appraisal ReviewsAs 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 appraisers undertaking reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at McCart Appraisal, we provide appraisal review services that are unbiased, expert, professional and square with the Federal Reserve's regulations.
A review appraisal should ascertain: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the process by which the real estate valuation is rendered guarantees independence and quality. They should also signify whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the range of the appraisal assignment. The Federal Reserve also 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 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. At McCart Appraisal, we are experienced in all kinds of appraisal reviews, review procedures and the obligations of review appraisers.
McCart Appraisal understands what the typical report deficiencies are, especially in our real estate market, as well as what constitutes a quality appraisal. In the same sense, the professionals at McCart Appraisal are adequately trained to recognize that the competition in our market are capable of doing a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to justly assess appraisal reports performed by others. And those others may be examining our work, too!
You can depend on McCart Appraisal for our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings.