Savvy Appraisal Reviews by Jordan-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 duty of appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Jordan-Appraisal provides appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's regulations.
A review appraisal should verify: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the practices by which the property valuation is accomplished ensures independence and quality. They must also announce whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the reach of the appraisal assignment. Lastly, the Fed also notes 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 adjusting our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we will produce an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Jordan-Appraisal, we're trained in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
We know what represents a quality appraisal and what the most common defects are, particularly when it comes to our local housing market. In the same sense, we are trained enough to recognize that the competitors in our market are skillful in doing good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to fairly valuate appraisal reports executed by others. And those others could be evaluating our work, too!
For professional, unbiased, ethical appraisal review services and independent judgments, you can count on Jordan-Appraisal. Contact us regarding our qualifications, expertise and service offerings.