Appraisal Reviews with Appraisal Group Raines and PhillipsAccording to an announcement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers doing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Appraisal Group Raines and Phillips provides appraisal review services that are objective, qualified, professional and compliant with the Federal Reserve's guidelines.
A review appraisal should find out: whether the original appraisal or evaluation is pertinent for the transaction, the liability inherit in the transaction, and whether the processes by which the real estate valuation is acquired guarantees independence and quality. In addition, they must demonstrate whether the appraisal or evaluation report is compatible with the letter of engagement, which sets forth the capacity of the appraisal assignment. Lastly, the Federal Reserve 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 processes and guidelines of our review clients, there are four Fannie Mae forms that are widely used for review services, and we will produce 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 Appraisal Group Raines and Phillips, we are qualified in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
Appraisal Group Raines and Phillips knows what amounts to a quality appraisal and what the most common deficiencies are, especially when it comes to our local housing market. In the same regard, we are amply trained to identify that our competitors in our market are able to do a great 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 executed by others. And those others might be evaluating our work, too!
In short, when you choose Appraisal Group Raines and Phillips, you can be sure of our neutral judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered.