Appraisal Reviews with Valuation Consulting GroupAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers completing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Valuation Consulting Group provides appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's regulations.
A review appraisal should reveal: whether the original appraisal or evaluation is pertinent for the transaction, the exposure inherit in the transaction, and whether the procedure by which the property valuation is acquired guarantees independence and quality. The review must also demonstrate whether the appraisal or evaluation report is in line with the letter of engagement, which describes the scope of the appraisal assignment. Lastly, the Fed also says 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 practices and guidelines of our review clients, there are four Fannie Mae forms that are largely used for review services, and we'll prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Valuation Consulting Group, we're skilled in every form of appraisal review, review procedure and the requirements of review appraisers.
Valuation Consulting Group knows what the most common reporting deficiencies are, especially in our housing market. We also understand what represents a quality appraisal. In this regard, we're sufficiently experienced to know that our competitors in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Valuation Consulting Group to ethically valuate appraisal reports performed by others. And those others could be examining our work, too!
At Valuation Consulting Group, you can count on our independent 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.
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