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Qualified Appraisal Reviews with Flagship AppraisalAs said in 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 are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Flagship Appraisal provides appraisal review services that are independent, efficient, professional and in accordance with the Federal Reserve's regulations.A review appraisal should find out: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the means by which the collateral valuation is acquired guarantees independence and quality. Moreover, they should announce whether the appraisal or evaluation report is compatible with the engagement letter, which describes the scope of the appraisal assignment. Lastly, the Fed also 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 adjusting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are typically 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 Flagship Appraisal, we're skilled in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.
At Flagship Appraisal, you can have confidence in our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and services offered. |
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We are familiar with what the typical report inadequacies are, particularly in our housing market, as well as what represents a quality appraisal.
In this regard, we're adequately trained to respect that the competition in our market are capable of quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust us to objectively examine appraisal reports performed by others. And those others might be studying our work, too!