Appraisal ReviewsAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers producing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Houston Appraisals LLC provides appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's rules.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is suitable for the transaction, the liability inherit in the transaction, and whether the actions by which the property valuation is rendered ensures independence and quality. Moreover, they should denote whether the appraisal or evaluation report is consistent with the engagement letter, which describes the scope of the appraisal assignment. The Federal Reserve goes on to say 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 practices and guidelines of our review clients, there are four Fannie Mae forms that are typically used for review services, and we can 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 Houston Appraisals LLC, we're skilled in every type of appraisal review, review process and the obligations of review appraisers.
We are familiar with what the most likely report defects are, especially in our home market, as well as what makes a quality appraisal. The professionals at Houston Appraisals LLC are also adequately skilled to know that the competitors in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to objectively review appraisal reports executed by others. And those others might be studying our work, too!
At Houston Appraisals LLC, you can count on our neutral judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Houston Appraisals LLC for more information about our qualifications, expertise and services offered.