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Savvy Appraisal Reviews by Crest Appraisal Services
As 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
it's the duty of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Here at Crest Appraisal Services, we provide appraisal review services that are independent, expert, professional and in line with the Federal Reserve's guidelines.
A review appraisal should ascertain: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the practices by which the property valuation is obtained ensures independence and quality.
Moreover, they must announce whether the appraisal or evaluation report is in line with the engagement letter, which describes the range of the appraisal assignment.
Lastly, the Federal Reserve also states 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".
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If you're in the need of a real estate appraisal review or have questions about an appraisal, call us today. |
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In addition to conforming our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are primarily used for review services, and we will 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.
At Crest Appraisal Services, we are trained in every type of appraisal review, review procedure and the obligations of review appraisers.
We know what the most likely report inadequacies are, specifically in our real estate market, as well as what amounts to a quality appraisal.
We're also trained enough to realize that our competition in our market are skillful in doing good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust Crest Appraisal Services to ethically valuate appraisal reports done by others. And those others may be evaluating our work, too!
In short, when you choose Crest Appraisal Services, you can rely on our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers.
Contact us to learn more about our qualifications, expertise and services offered.
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