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Appraisal ReviewsAccording to 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 prudent for appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Twin City Appraisal Service provides appraisal review services that are impartial, efficient, 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 risk inherit in the transaction, and whether the method by which the collateral valuation is obtained guarantees independence and quality. The review must also announce whether the appraisal or evaluation report is true to the letter of engagement, which describes the depth of the appraisal assignment. The Fed 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 conforming our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we'll formulate 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 Twin City Appraisal Service, we're skilled in every form of appraisal review, review practice and the responsibilities of review appraisers.
In short, at Twin City Appraisal Service, you can be sure of our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact Twin City Appraisal Service for more information regarding our qualifications, expertise and services offered. |
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We're aware of what the most common report weaknesses are, specifically in our real estate market, as well as what represents a quality appraisal.
In the same regard, we're sufficiently skilled to acknowledge that our competition in our market are capable of good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Twin City Appraisal Service to ethically look over appraisal reports executed by others. And those others may be evaluating our work, too!