Appraisal ReviewsAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers preparing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at South Eastern Appraisal, Inc., we provide appraisal review services that are unbiased, efficient, professional and compliant with the Federal Reserve's regulations.
The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the manner by which the property valuation is accomplished guarantees independence and quality. The review must also indicate whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the range 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 coordinating our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we will formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At South Eastern Appraisal, Inc., we are trained in all types of appraisal reviews, review procedures and the requirements of review appraisers.
We know what makes a quality appraisal and what the biggest inadequacies are, specifically in our home market. The professionals at South Eastern Appraisal, Inc. are also sufficiently trained to realize that our competitors in our market are skillful in doing a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to lawfully study appraisal reports performed by others. And those others might be examining our work, too!
You can trust South Eastern Appraisal, Inc. for our independent judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact South Eastern Appraisal, Inc. for more information about our qualifications, expertise and services offered.