Appraisal Reviews by Flight AppraisalAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers engaged in reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Flight Appraisal, we provide appraisal review services that are impartial, expert, professional and square with the Federal Reserve's regulations.
A review appraisal has to detect: whether the original appraisal or evaluation is relevant for the transaction, the exposure inherit in the transaction, and whether the manner by which the property valuation is acquired guarantees independence and quality. Moreover, they should denote whether the appraisal or evaluation report is consistent with the letter of engagement, which describes the range of the appraisal assignment. Lastly, the Fed also 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 adjusting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we'll develop 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 Flight Appraisal, we are trained in all kinds of appraisal reviews, review procedures and the requirements of review appraisers.
Flight Appraisal knows what the most common report imperfections are, particularly in our real estate market, as well as what constitutes a quality appraisal. In the same sense, we're sufficiently skilled to know that the competition in our market are capable of quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust Flight Appraisal to ethically look over appraisal reports carried out by others. And those others could be evaluating our work, too!
In short, here at Flight Appraisal, you can have confidence in our truthful judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and services offered.