Appraisal Reviews with Appraisal Alliance Group, LLCAs 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 doing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Appraisal Alliance Group, LLC provides appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's regulations.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the methods by which the property valuation is attained guarantees independence and quality. They should also show whether the appraisal or evaluation report is compatible with the engagement letter, which describes the extent of the appraisal assignment. 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 adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are generally 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. Here at Appraisal Alliance Group, LLC, we're trained in all forms of appraisal reviews, review practices and the requirements of review appraisers.
We're aware of what the most frequent report weaknesses are, especially in our real estate market, as well as what represents a quality appraisal. Concurrently, we're professional enough to distinguish that the competition in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Appraisal Alliance Group, LLC to fairly study appraisal reports executed by others. And those others might be reviewing our work, too!
For professional, impartial, ethical appraisal review services and neutral judgments, you can depend on Appraisal Alliance Group, LLC. Contact Appraisal Alliance Group, LLC to learn more about our qualifications, expertise and service offerings.