Experienced Appraisal Reviews with First Advantage Appraisal ServiceAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers doing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." First Advantage Appraisal Service provides appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's guidelines.
A review appraisal has to pursue: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the procedures by which the property valuation is acquired guarantees independence and quality. Moreover, they should show whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the scope of the appraisal assignment. The Fed 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 coordinating our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we will formulate 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 First Advantage Appraisal Service, we are trained in all types of appraisal reviews, review procedures and the requirements of review appraisers.
First Advantage Appraisal Service understands what the most prevalent reporting imperfections are, particularly in our housing market. We also understand what represents a quality appraisal. Concurrently, we are trained enough to acknowledge that the competitors in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust First Advantage Appraisal Service to justly review appraisal reports done by others. And those others could be studying our work, too!
For professional, unbiased, ethical appraisal review services and truthful judgments, you can count on First Advantage Appraisal Service. Contact us to learn more about our qualifications, expertise and services offered.