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Appraisal Reviews with Inlet AppraisalAs 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 obligation of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Inlet Appraisal provides appraisal review services that are independent, expert, professional and compliant with the Federal Reserve's regulations.The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the practices by which the real estate valuation is acquired ensures independence and quality. They must also indicate whether the appraisal or evaluation report is in line with the engagement letter, which describes the range of the appraisal assignment. Lastly, the Federal Reserve 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 adapting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are typically 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 Inlet Appraisal , we are qualified in every form of appraisal review, review procedure and the requirements of review appraisers.
When you choose Inlet Appraisal , you can count on our neutral judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Inlet Appraisal regarding our qualifications, expertise and service offerings. |
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Inlet Appraisal knows what the most likely report inadequacies are, especially in our housing market, as well as what constitutes a quality appraisal.
In the same sense, we are trained enough to know 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 us to justly review appraisal reports done by others. And those others could be evaluating our work, too!