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Appraisal Reviews with Tri-County AppraisalAccording 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 prudent for appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Tri-County Appraisal, we provide appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's guidelines.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the means by which the collateral valuation is obtained ensures independence and quality. The review must also denote whether the appraisal or evaluation report is compatible with the engagement letter, which describes the depth of the appraisal assignment. The Fed 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 forms and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we will develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Tri-County Appraisal, we're qualified in all kinds of appraisal reviews, review processes and the responsibilities of review appraisers.
In short, here at Tri-County Appraisal, you can count on our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered. |
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We know what represents a quality appraisal and what the most common defects are, particularly in our home market.
Concurrently, we're amply experienced to identify that the competitors in our market are capable of doing a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on Tri-County Appraisal to ethically assess appraisal reports carried out by others. And those others may be studying our work, too!