Appraisal ReviewsAs stated 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 performing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Coastal Residential Appraisals LLC, we provide appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's regulations.
A review appraisal should ascertain: whether the original appraisal or evaluation is relevant for the transaction, the liability inherit in the transaction, and whether the methods by which the collateral valuation is rendered ensures independence and quality. They must also announce whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the depth 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 tailoring our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we'll produce 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 Coastal Residential Appraisals LLC, we're experienced in every type of appraisal review, review practice and the obligations of review appraisers.
We are familiar with what represents a quality appraisal and what the most prevalent errors are, specifically when it comes to our local housing market. Concurrently, the professionals at Coastal Residential Appraisals LLC are sufficiently skilled to admit that our competition in our market are skillful in doing a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Coastal Residential Appraisals LLC to objectively look over appraisal reports carried out by others. And those others may be reviewing our work, too!
You can count on Coastal Residential Appraisals LLC for our neutral judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and service offerings.