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Appraisal Reviews with APA - Art Perez AppraisalsAs 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 expectation of appraisers performing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." APA - Art Perez Appraisals provides appraisal review services that are impartial, efficient, professional and square with the Federal Reserve's regulations.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is well-suited for the transaction, the liability inherit in the transaction, and whether the procedure by which the collateral valuation is accomplished guarantees independence and quality. In addition, they must announce whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the outlook of the appraisal assignment. Lastly, the Federal Reserve 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 conforming our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we'll 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 APA - Art Perez Appraisals, we're trained in all forms of appraisal reviews, review processes and the responsibilities of review appraisers.
You can trust APA - Art Perez Appraisals for our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and service offerings. |
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We are familiar with what the most frequent reporting defects are, particularly in our home market. We also know what represents a quality appraisal.
We're also trained enough to recognize that the competition in our market are qualified to do good work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can count on us to ethically study appraisal reports performed by others. And those others may be evaluating our work, too!