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 it's the prudent for appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Central Iowa Appraisers, we provide appraisal review services that are unbiased, qualified, professional and in line with the Federal Reserve's rules.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is relevant for the transaction, the risk inherit in the transaction, and whether the methods by which the real estate valuation is attained ensures independence and quality. The review must also demonstrate whether the appraisal or evaluation report is in line with the letter of engagement, which gives an account of the depth of the appraisal assignment. Lastly, the Federal Reserve notes 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 conforming our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we can formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Central Iowa Appraisers, we're skilled in all kinds of appraisal reviews, review procedures and the requirements of review appraisers.
We are aware of what the most frequent reporting inadequacies are, specifically in our real estate market. We also understand what represents a quality appraisal. At the same time, we are experienced enough to realize that our competitors in our market are able to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to justly assess appraisal reports performed by others. And those others may be examining our work, too!
At Central Iowa Appraisers, you can rely on our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and services offered.