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Appraisal Reviews with Appraisal Specialists of Iowa, LLCAs 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 duty of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Appraisal Specialist of Iowa, LLC, we provide appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's regulations.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the procedure by which the collateral valuation is acquired guarantees independence and quality. They should also demonstrate whether the appraisal or evaluation report is compatible with the letter of engagement, which describes the scope 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 tailoring our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we can 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 Appraisal Specialist of Iowa, LLC, we're trained in all types of appraisal reviews, review processes and the obligations of review appraisers.
You can count on Appraisal Specialists of Iowa, LLC for our honest judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Appraisal Specialists of Iowa, LLC for more information about our qualifications, expertise and service offerings. |
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We understand what makes a quality appraisal and what the most prevalent defects are, particularly when it comes to our local housing market. We're also adequately experienced to respect that our competition in our market are capable of a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Appraisal Specialists of Iowa, LLC to lawfully assess appraisal reports executed by others. And those others may be reviewing our work, too!