Appraisal ReviewsAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers producing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Nathan Wallace Appraisals, we provide appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's rules.
A review appraisal should ascertain: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the method by which the property valuation is accomplished ensures independence and quality. In addition, they should signify whether the appraisal or evaluation report is in line with the engagement letter, which describes the extent of the appraisal assignment. The Federal Reserve 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 conforming our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we'll formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Nathan Wallace Appraisals, we're qualified in all types of appraisal reviews, review processes and the responsibilities of review appraisers.
Nathan Wallace Appraisals understands what the greatest reporting imperfections are, particularly in our housing market. We also understand what constitutes a quality appraisal. In the same regard, we are adequately trained to recognize that the competitors in our market are qualified to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Nathan Wallace Appraisals to fairly evaluate appraisal reports completed by others. And those others could be reviewing our work, too!
You can trust Nathan Wallace Appraisals for our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Nathan Wallace Appraisals for more information about our qualifications, expertise and services offered.