Diversified Appraisal Appraisal ReviewsAs stated in 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 expectation of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Diversified Appraisal provides appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's rules.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the procedure by which the collateral valuation is acquired guarantees independence and quality. The review must also announce whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the extent of the appraisal assignment. 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 adjusting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are widely used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Diversified Appraisal, we are experienced in all types of appraisal reviews, review practices and the obligations of review appraisers.
We are aware of what the most prevalent reporting imperfections are, especially in our real estate market. We also know what amounts to a quality appraisal. In this regard, we are adequately trained to know that the competitors in our market are able to do a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Diversified Appraisal to justly look over appraisal reports carried out by others. And those others may be examining our work, too!
For professional, objective, ethical appraisal review services and honest judgments, you can depend on Diversified Appraisal. Contact Diversified Appraisal regarding our qualifications, expertise and service offerings.