Appraisal Reviews with JH ValuationsAs 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 it's the expectation of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at JH Valuations, we provide appraisal review services that are objective, efficient, professional and in line with the Federal Reserve's guidelines.
A review appraisal should pursue: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the method by which the collateral valuation is rendered ensures independence and quality. Moreover, they must announce whether the appraisal or evaluation report matches the letter of engagement, which sets forth the outlook of the appraisal assignment. Lastly, the Federal Reserve notes 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 forms and guidelines of our review customers, there are four Fannie Mae forms that are usually 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. At JH Valuations, we're skilled in all types of appraisal reviews, review practices and the responsibilities of review appraisers.
We know what amounts to a quality appraisal and what the most prevalent inadequacies are, specifically in our local housing market. In the same sense, we're skilled enough to know that our competition in our market are capable of doing a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to lawfully valuate appraisal reports done by others. And those others may be reviewing our work, too!
You can count on JH Valuations for our neutral judgment, because we offer professional, unbiased, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings.