Appraisal Reviews with GED AppraisalAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the duty of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." GED Appraisal provides appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's regulations.
The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the means by which the property valuation is accomplished ensures independence and quality. The review should also denote whether the appraisal or evaluation report is consistent with the letter of engagement, which sets forth the reach of the appraisal assignment. Lastly, 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 adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are mostly used for review services, and we can formulate an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At GED Appraisal, we are experienced in all types of appraisal reviews, review procedures and the requirements of review appraisers.
We're aware of what the most common report inadequacies are, especially in our real estate market, as well as what represents a quality appraisal. In this regard, we're professional enough to identify that the competition in our market are skillful in doing a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to justly study appraisal reports executed by others. And those others may be evaluating our work, too!
In short, when you choose GED Appraisal, you can be sure of our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us regarding our qualifications, expertise and services offered.