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Competent Appraisal Reviews by Scott Appraisal Services, Inc.According to 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 obligation of appraisers preparing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Scott Appraisal Services, Inc., we provide appraisal review services that are unbiased, efficient, professional and in line with the Federal Reserve's rules.The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is pertinent for the transaction, the risk inherit in the transaction, and whether the procedure by which the collateral valuation is obtained ensures independence and quality. The review must also show whether the appraisal or evaluation report is true to the engagement letter, which sets forth the reach of the appraisal assignment. The Fed also notes 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 regulations and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we will prepare 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 Scott Appraisal Services, Inc., we are skilled in all kinds of appraisal reviews, review practices and the obligations of review appraisers.
Here at Scott Appraisal Services, Inc., you can count on our independent judgment, because we offer professional, fair, ethical appraisal review services for our customers. Contact Scott Appraisal Services, Inc. for more information regarding our qualifications, expertise and services offered. |
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Scott Appraisal Services, Inc. understands what constitutes a quality appraisal and what the biggest deficiencies are, specifically when it comes to our local real estate market.
Concurrently, we're trained enough to recognize that our competition in our market are qualified to do a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can trust us to fairly look over appraisal reports performed by others. And those others may be reviewing our work, too!