Appraisal ReviewsAs said in an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the call of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Benchmark Appraising, LLC, we provide appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's regulations.
A review appraisal should find out: whether the original appraisal or evaluation is applicable for the transaction, the exposure inherit in the transaction, and whether the manner by which the real estate valuation is accomplished ensures independence and quality. They must also demonstrate whether the appraisal or evaluation report is in line with the engagement letter, which describes the depth of the appraisal assignment. Lastly, 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 adapting 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 can develop 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 Benchmark Appraising, LLC, we are skilled in every kind of appraisal review, review process and the responsibilities of review appraisers.
We realize what makes a quality appraisal and what the most common inadequacies are, particularly in our home market. At the same time, we are skilled enough to admit that our competition in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Benchmark Appraising, LLC to objectively assess appraisal reports completed by others. And those others might be examining our work, too!
At Benchmark Appraising, LLC, you can count on our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Benchmark Appraising, LLC for more information regarding our qualifications, expertise and service offerings.