Appraisal Reviews with Metro Appraisers & ConsultantsAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the call of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Metro Appraisers & Consultants provides appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's rules.
A review appraisal has to detect: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the procedures by which the collateral valuation is attained ensures independence and quality. In addition, they must announce whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the scope of the appraisal assignment. Lastly, the Fed also states 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 conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we can develop 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 Metro Appraisers & Consultants, we are skilled in every type of appraisal review, review practice and the responsibilities of review appraisers.
We are familiar with what the most prevalent reporting deficiencies are, especially in our home market. We also understand what represents a quality appraisal. In the same regard, we're professional enough to respect that our competition in our market are qualified to do a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on Metro Appraisers & Consultants to objectively examine appraisal reports carried out by others. And those others might be examining our work, too!
At Metro Appraisers & Consultants, you can be sure of our honest judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Metro Appraisers & Consultants for more information about our qualifications, expertise and services offered.