|
|
Appraisal Reviews
According to 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 obligation of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
At Phoenix Valuations, LLC, we provide appraisal review services that are objective, expert, professional and in accordance with the Federal Reserve's rules.
A review appraisal should 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 collateral valuation is accomplished guarantees independence and quality.
They should also announce whether the appraisal or evaluation report is in line with the engagement letter, which describes the extent of the appraisal assignment.
Lastly, the Fed 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".
 |
 |
 |
If you need a real estate appraisal review or have questions regarding an appraisal, contact us today. |
|
|
In addition to adjusting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are generally 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.
At Phoenix Valuations, LLC, we are qualified in all kinds of appraisal reviews, review practices and the requirements of review appraisers.
We're aware of what the greatest reporting defects are, especially in our home market. We also know what represents a quality appraisal.
At the same time, we are proficient enough to respect that the competition in our market are capable of doing a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Phoenix Valuations, LLC to fairly evaluate appraisal reports done by others. And those others could be studying our work, too!
For professional, unbiased, ethical appraisal review services and neutral judgments, you can rely on Phoenix Valuations, LLC.
Contact Phoenix Valuations, LLC for more information about our qualifications, expertise and service offerings.
|
|
