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 appraisers fulfilling reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Wilson Appraisal Group, LLC provides appraisal review services that are objective, qualified, professional and in accordance with the Federal Reserve's rules.
A review appraisal should reveal: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the processes by which the collateral valuation is accomplished ensures independence and quality. The review must also show whether the appraisal or evaluation report is true to the letter of engagement, which gives an account of the depth of the appraisal assignment. Lastly, the Federal Reserve also 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 coordinating our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we will 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 Wilson Appraisal Group, LLC, we're skilled in every kind of appraisal review, review process and the obligations of review appraisers.
We are aware of what the most common report defects are, specifically in our home market, as well as what represents a quality appraisal. The professionals at Wilson Appraisal Group, LLC are also adequately trained to recognize that our competitors in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on us to objectively review appraisal reports executed by others. And those others might be examining our work, too!
When you choose Wilson Appraisal Group, LLC, you can count on our independent judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and service offerings.
Have a question? Requesting a quote? We're happy to help! Reach out to us using the form below, or give us a call at 479-434-2583.