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Wolf Appraisal Service, PLLC Appraisal Reviews
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
appraisers engaged in reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Wolf Appraisal Service, PLLC provides appraisal review services that are objective, qualified, professional and square with the Federal Reserve's regulations.
A review appraisal should ascertain: whether the original appraisal or evaluation is suitable for the transaction, the exposure inherit in the transaction, and whether the means by which the real estate valuation is rendered guarantees independence and quality.
They should also indicate whether the appraisal or evaluation report is true to the engagement letter, which sets forth the extent of the appraisal assignment.
The Federal Reserve 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".
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If you have questions about an appraisal, or if you need a real estate appraisal review, call us today. |
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In addition to conforming our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are typically 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.
Here at Wolf Appraisal Service, PLLC, we're qualified in every form of appraisal review, review practice and the obligations of review appraisers.
Wolf Appraisal Service, PLLC is aware of what makes a quality appraisal and what the most frequent inadequacies are, especially for reports in our local housing market.
We're also experienced enough to know that the competition in our market are able to do a good job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can count on Wolf Appraisal Service, PLLC to fairly evaluate appraisal reports executed by others. And those others might be examining our work, too!
In short, when you choose Wolf Appraisal Service, PLLC, you can count on our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers.
Contact us for more information about our qualifications, expertise and service offerings.
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