Appraisal Reviews by ASK Real Estate ServicesAccording 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 doing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." ASK Real Estate Services provides expert appraisal review services that are impartial, qualified, professional and square with the Federal Reserve's regulations.
A review appraisal should detect: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the procedure by which the collateral valuation is obtained ensures independence and quality. They must also signify whether the appraisal or evaluation report is compatible with the letter of engagement, which gives an account of the depth of the appraisal assignment. The Fed 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 adapting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can develop 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 ASK Real Estate Services, we are qualified in all kinds of appraisal reviews, review processes and the obligations of review appraisers.
We are aware of what the most likely report inadequacies are, particularly in our real estate market, as well as what constitutes a quality appraisal. We're also trained enough to realize that our competitors in our market are capable of good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to lawfully examine appraisal reports carried out by others. And those others may be examining our work, too!
You can count on ASK Real Estate Services for our independent judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and services offered.