Complete Appraisal Reviews with Risser AppraisalsAs said 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 obligation of appraisers producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Risser Appraisals provides appraisal review services that are impartial, qualified, professional and in line with the Federal Reserve's guidelines.
A review appraisal has to pursue: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the manners by which the collateral valuation is accomplished ensures independence and quality. In addition, they should denote whether the appraisal or evaluation report is consistent with the engagement letter, which gives an account of the capacity of the appraisal assignment. The Fed 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 procedures and guidelines of our review clients, there are four Fannie Mae forms that are mostly used for review services, and we can prepare an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Risser Appraisals, we are trained in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
We're aware of what the most frequent reporting inadequacies are, specifically in our housing market. We also know what constitutes a quality appraisal. Concurrently, we're amply skilled to acknowledge that the competitors in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Risser Appraisals to lawfully examine appraisal reports performed by others. And those others could be examining our work, too!
In short, at Risser Appraisals, you can rely on our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact Risser Appraisals for more information about our qualifications, expertise and service offerings.
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