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Appraisal Reviews with JeffCorbettAccording to 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 call of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At JeffCorbett, we provide appraisal review services that are independent, qualified, professional and square with the Federal Reserve's regulations.The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the procedure by which the property valuation is attained guarantees independence and quality. Moreover, they should show whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the outlook of the appraisal assignment. Lastly, the Federal Reserve 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 coordinating our work to the procedures and guidelines of our review clients, there are four Fannie Mae forms that are primarily 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. At JeffCorbett, we are qualified in every kind of appraisal review, review practice and the obligations of review appraisers.
For professional, impartial, ethical appraisal review services and independent judgments, you can rely on JeffCorbett. Contact us to learn more about our qualifications, expertise and services offered. |
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JeffCorbett is aware of what amounts to a quality appraisal and what the most prevalent errors are, especially for reports in our local housing market.
The professionals at JeffCorbett are also trained enough to realize that the competition in our market are capable of good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust JeffCorbett to fairly assess appraisal reports done by others. And those others may be evaluating our work, too!