Appraisal ReviewsAs 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 performing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At R. Scott Pierce Appraisal Services, we provide appraisal review services that are objective, qualified, professional and in line with the Federal Reserve's rules.
A review appraisal should verify: whether the original appraisal or evaluation is fitting for the transaction, the exposure inherit in the transaction, and whether the manners by which the collateral valuation is accomplished guarantees independence and quality. The review must also signify whether the appraisal or evaluation report is compatible with the engagement letter, which sets forth the scope of the appraisal assignment. 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 adapting 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 can 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. At R. Scott Pierce Appraisal Services, we're experienced in every form of appraisal review, review procedure and the responsibilities of review appraisers.
We understand what the most prevalent reporting inadequacies are, specifically in our home market. We also know what makes a quality appraisal. In the same sense, we are amply experienced to identify that our competition in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to objectively evaluate appraisal reports carried out by others. And those others might be examining our work, too!
In short, here at R. Scott Pierce Appraisal Services, you can count on our honest judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings.