Appraisal Reviews with Valley Oak AppraisalAs 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 undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Valley Oak Appraisal, we provide appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's guidelines.
A review appraisal should pursue: 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 attained guarantees independence and quality. They must also demonstrate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the reach of the appraisal assignment. The Federal Reserve 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 procedures 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. Here at Valley Oak Appraisal, we are trained in every kind of appraisal review, review practice and the responsibilities of review appraisers.
We understand what the most prevalent reporting deficiencies are, especially in our housing market. We also know what makes a quality appraisal. In this regard, we're skilled enough to respect that the competition in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Valley Oak Appraisal to justly review appraisal reports completed by others. And those others could be examining our work, too!
For professional, impartial, ethical appraisal review services and independent judgments, you can depend on Valley Oak Appraisal. Contact Valley Oak Appraisal regarding our qualifications, expertise and service offerings.