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 it's the prudent for appraisers completing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." KEY INSIGHT provides appraisal review services that are independent, expert, professional and in accordance with the Federal Reserve's rules.
A review appraisal should ascertain: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the manner by which the real estate valuation is attained guarantees independence and quality. They should also denote whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the depth of the appraisal assignment. The Federal Reserve 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".
In addition to coordinating our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are usually 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. Here at KEY INSIGHT, we're skilled in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
We are familiar with what amounts to a quality appraisal and what the most common errors are, particularly for reports in our home market. At the same time, we're proficient enough to admit that our competition in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to lawfully assess appraisal reports executed by others. And those others may be reviewing our work, too!
You can trust KEY INSIGHT for our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact KEY INSIGHT for more information regarding our qualifications, expertise and service offerings.