According to a statement by the Federal Reserve, "financial institutions must have an effective, objective real estate appraisal and evaluation plan," and that appraisers completing reviews should "have the ability and skills to evaluate compliance with the Federal Reserves appraisal regulations and guidelines." For appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve's guidelines, look no further than REVARI (Real Estate Valuation and Research Inc.).
If you're in the need of a real estate appraisal review or have questions regarding an appraisal, call us today.
Appraisal reviews "should verify whether the appraisal or evaluation is well-suited for the transaction, the danger of the transaction, and whether the methods by which the collateral valuation is acquired ensures independence and quality," as stated by the Federal Reserve. They "must also announce whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the capacity of the appraisal assignment." Last, The Federal Reserve says that "some banks augment typical reviews with post-funding evaluations of appraisal quality for some of their higher-liability or greater-value transactions as a channel to help in discovering valuation complications."
In addition to adjusting our work to the regulations and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we will develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At REVARI (Real Estate Valuation and Research Inc.), we are trained in all forms of appraisal reviews, review practices and the responsibilities of review appraisers.
We're aware of what amounts to a quality appraisal and what the most frequent defects are, specifically in our real estate market. We're also skilled enough to know that the competitors in our market are capable of a great job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust REVARI (Real Estate Valuation and Research Inc.) to ethically evaluate appraisal reports executed by others. And those others might be examining our work, too!
For professional, objective, ethical appraisal review services and independent judgments, you can rely on REVARI (Real Estate Valuation and Research Inc.). Contact us regarding our qualifications, expertise and service offerings.