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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 fulfilling reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." McPherson Appraisal Service, Inc provides appraisal review services that are unbiased, efficient, professional and square with the Federal Reserve's regulations.A review appraisal should determine: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the processes by which the real estate valuation is attained guarantees independence and quality. The review should also denote whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the extent of the appraisal assignment. The Federal Reserve 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 adapting our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we will prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At McPherson Appraisal Service, Inc, we're skilled in all kinds of appraisal reviews, review practices and the obligations of review appraisers.
You can trust McPherson Appraisal Service, Inc for our independent judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and service offerings. |
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McPherson Appraisal Service, Inc understands what the most prevalent reporting imperfections are, especially in our housing market. We also know what makes a quality appraisal.
We're also experienced enough to know that the competitors in our market are skillful in doing quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust McPherson Appraisal Service, Inc to ethically evaluate appraisal reports done by others. And those others may be studying our work, too!