Graham Appraisal Appraisal Reviews
According to a statement by the Federal Reserve, "financial institutions are obligated to have effective, independent real estate appraisal and evaluation programs," and that appraisers completing reviews must "have the proficiency and expertise to assess compliance with the Federal Reserves appraisal rules and guidelines." Here at Graham Appraisal, we provide appraisal review services that are independent, qualified, professional and in line with the Federal Reserve's regulations.
If you need a real estate appraisal review or have questions regarding an appraisal, contact Graham Appraisal today.
As stated by the Federal Reserve, appraisal reviews "should verify whether the appraisal or evaluation is fitting for the transaction, the liability of the transaction, and whether the processes by which the collateral valuation is accomplished ensures independence and quality." They "must also indicate whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the scope of the appraisal assignment." Lastly, the Federal Reserve says that "some institutions supplement regular reviews with post-funding evaluations of appraisal quality for a number of their higher-risk or greater-value transactions as a means to assist in discovering valuation problems."
In addition to coordinating our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we will develop 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 Graham Appraisal, we're skilled in every form of appraisal review, review practice and the responsibilities of review appraisers.
We know what the most common deficiencies are, specifically in our home market, as well as what makes a quality appraisal. In this regard, we are adequately trained to acknowledge that the competition in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to objectively assess appraisal reports carried out by others. And those others may be reviewing our work, too!
You can count on Graham Appraisal for our independent judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Graham Appraisal for more information regarding our qualifications, expertise and service offerings.