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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 engaged in reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Fritz Home Appraisals Inc., we provide appraisal review services that are impartial, qualified, professional and in accordance with the Federal Reserve's rules.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the process by which the collateral valuation is attained guarantees independence and quality. In addition, they must demonstrate whether the appraisal or evaluation report matches the engagement letter, which describes the extent of the appraisal assignment. Lastly, the Fed also 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 tailoring our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Fritz Home Appraisals Inc., we're qualified in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
In short, here at Fritz Home Appraisals Inc., you can rely on our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and services offered. |
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Fritz Home Appraisals Inc. knows what makes a quality appraisal and what the most common deficiencies are, especially in our home market.
Concurrently, we're amply experienced to know that the competition in our market are capable of doing a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust Fritz Home Appraisals Inc. to objectively assess appraisal reports carried out by others. And those others could be examining our work, too!