Complete Appraisal Reviews by Associate Appraisers of AmericaAs 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 appraisers undertaking reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Associate Appraisers of America provides appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's guidelines.
A review appraisal should ascertain: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the methods by which the property valuation is obtained ensures independence and quality. The review must also announce whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the extent of the appraisal assignment. The Fed goes on to say 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 coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we will produce 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 Associate Appraisers of America, we are qualified in every kind of appraisal review, review practice and the obligations of review appraisers.
We know what the most common report imperfections are, especially in our housing market, as well as what constitutes a quality appraisal. At the same time, we are trained enough to respect that the competitors in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on Associate Appraisers of America to fairly evaluate appraisal reports completed by others. And those others might be studying our work, too!
For professional, fair, ethical appraisal review services and independent judgments, you can rely on Associate Appraisers of America. Contact us regarding our qualifications, expertise and services offered.
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