Appraisal ReviewsAs stated 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 completing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Steven Kittle Appraisals, we provide appraisal review services that are independent, expert, professional and square with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the method by which the collateral valuation is acquired guarantees independence and quality. The review must also show whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the reach of the appraisal assignment. The Federal Reserve also 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 adapting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we'll 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 Steven Kittle Appraisals, we're experienced in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
We are familiar with what the biggest reporting imperfections are, particularly in our real estate market. We also know what amounts to a quality appraisal. In the same regard, we are proficient enough to distinguish that our competition in our market are capable of good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to justly assess appraisal reports executed by others. And those others might be examining our work, too!
You can depend on Steven Kittle Appraisals for our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Steven Kittle Appraisals for more information regarding our qualifications, expertise and services offered.