|
Appraisal ReviewsAccording to an announcement 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 preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." COFFMAN APPRAISAL SERVICES provides appraisal review services that are impartial, expert, professional and square with the Federal Reserve's regulations.The purpose of appraisal reviews are to reveal: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the process by which the property valuation is acquired ensures independence and quality. Moreover, they should denote whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the range of the appraisal assignment. The Fed goes on to say 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 clients, there are four Fannie Mae forms that are mostly 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. Here at COFFMAN APPRAISAL SERVICES, we are experienced in every type of appraisal review, review process and the responsibilities of review appraisers.
For professional, unbiased, ethical appraisal review services and neutral judgments, you can depend on COFFMAN APPRAISAL SERVICES. Contact COFFMAN APPRAISAL SERVICES for more information regarding our qualifications, expertise and services offered. |
|||||||||
COFFMAN APPRAISAL SERVICES knows what the most common report inadequacies are, specifically in our real estate market, as well as what constitutes a quality appraisal.
In this regard, we're proficient enough to distinguish that our competitors in our market are able to do good work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to justly study appraisal reports completed by others. And those others may be studying our work, too!