Appraisal ReviewsAs 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 appraisers fulfilling reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Joe Johnson Appraisals, we provide appraisal review services that are objective, expert, professional and compliant with the Federal Reserve's regulations.
The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the method by which the real estate valuation is attained ensures independence and quality. Moreover, they should signify whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the extent of the appraisal assignment. The Fed notes 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 tailoring our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Joe Johnson Appraisals, we are qualified in all kinds of appraisal reviews, review practices and the requirements of review appraisers.
We're aware of what represents a quality appraisal and what the most frequent imperfections are, specifically when it comes to our local real estate market. In the same regard, we are adequately experienced to realize that the competition in our market are skillful in doing a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Joe Johnson Appraisals to justly look over appraisal reports executed by others. And those others could be studying our work, too!
In short, at Joe Johnson Appraisals, you can trust our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact Joe Johnson Appraisals regarding our qualifications, expertise and service offerings.