S & S Real Estate Appraisal Service 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 responsibility of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." S & S Real Estate Appraisal Service provides appraisal review services that are impartial, efficient, professional and in accordance with the Federal Reserve's regulations.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the actions by which the real estate valuation is accomplished ensures independence and quality. They should also demonstrate whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the scope of the appraisal assignment. Lastly, the Federal Reserve also says 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 primarily used for review services, and we can prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at S & S Real Estate Appraisal Service, we're skilled in every form of appraisal review, review procedure and the obligations of review appraisers.
S & S Real Estate Appraisal Service realizes what the most prevalent reporting weaknesses are, especially in our housing market. We also know what makes a quality appraisal. In the same regard, we're skilled enough to realize that the competition in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust S & S Real Estate Appraisal Service to ethically study appraisal reports done by others. And those others could be reviewing our work, too!
You can count on S & S Real Estate Appraisal Service for our honest judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact S & S Real Estate Appraisal Service for more information about our qualifications, expertise and services offered.