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Appraisal ReviewsAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers preparing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Skyline Appraisal provides appraisal review services that are independent, qualified, professional and square with the Federal Reserve's regulations.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the method by which the collateral valuation is attained ensures independence and quality. The review should also indicate whether the appraisal or evaluation report is true to the engagement letter, which describes the range of the appraisal assignment. Lastly, the Fed 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 adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we will 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 Skyline Appraisal, we are qualified in every form of appraisal review, review practice and the requirements of review appraisers.
You can rely on Skyline Appraisal for our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Skyline Appraisal regarding our qualifications, expertise and service offerings. |
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We are aware of what the most prevalent report weaknesses are, specifically in our real estate market, as well as what constitutes a quality appraisal.
We're also experienced enough to acknowledge that our competitors in our market are qualified to do good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to lawfully look over appraisal reports performed by others. And those others might be reviewing our work, too!