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Quality Appraisal Reviews with ADK Appraisal ServicesAs 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 fulfilling reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." ADK Appraisal Services provides appraisal review services that are impartial, efficient, professional and compliant with the Federal Reserve's rules.The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the means by which the real estate valuation is acquired guarantees independence and quality. The review should also denote whether the appraisal or evaluation report matches the letter of engagement, which sets forth the range of the appraisal assignment. Lastly, the Fed 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 conforming our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we will 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 ADK Appraisal Services, we are skilled in all kinds of appraisal reviews, review processes and the responsibilities of review appraisers.
At ADK Appraisal Services, you can have confidence in our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact ADK Appraisal Services for more information regarding our qualifications, expertise and service offerings. |
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We are aware of what the most frequent reporting defects are, particularly in our real estate market. We also understand what makes a quality appraisal.
We're also experienced enough to acknowledge that the competition in our market are capable of doing a fine job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on ADK Appraisal Services to objectively evaluate appraisal reports performed by others. And those others could be examining our work, too!