Quality Appraisal Reviews with Home Appraising Group
As 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 it’s the expectation of appraisers fulfilling reviews to “have the knowledge and expertise to assess compliance with the Federal Reserve’s appraisal regulations and guidelines.” Home Appraising Group provides appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve’s regulations.
A review appraisal should detect: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the process by which the real estate valuation is rendered ensures independence and quality. They must also show whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the depth 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 coordinating our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we’ll formulate an appraisal review on any of them. They include an appraisal “desk” review, a “field” review, a “short” form and a “narrative” form. Here at Home Appraising Group, we’re qualified in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.
Home Appraising Group is aware of what amounts to a quality appraisal and what the most frequent imperfections are, specifically when it comes to our local housing market. In the same regard, we are trained enough to recognize that the competition in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to fairly study appraisal reports performed by others. And those others might be reviewing our work, too!
At Home Appraising Group, you can have confidence in our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Home Appraising Group to learn more about our qualifications, expertise and services offered.