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 producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Blue Ridge Appraisal and Consulting provides appraisal review services that are objective, qualified, professional and compliant with the Federal Reserve's regulations.
A review appraisal has to detect: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the means by which the real estate valuation is rendered ensures independence and quality. The review must also announce whether the appraisal or evaluation report matches the engagement letter, which sets forth the depth of the appraisal assignment. Lastly, the Fed 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 tailoring our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll 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 Blue Ridge Appraisal and Consulting, we are experienced in all types of appraisal reviews, review processes and the requirements of review appraisers.
We are familiar with what amounts to a quality appraisal and what the most common deficiencies are, particularly when it comes to our home market. We're also adequately skilled to acknowledge that the competition in our market are skillful in doing a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to justly evaluate appraisal reports completed by others. And those others may be evaluating our work, too!
Here at Blue Ridge Appraisal and Consulting, you can count on our honest judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us to learn more about our qualifications, expertise and service offerings.