Savvy Appraisal Reviews with Elizabeth A. KeechAccording 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 completing reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Elizabeth A. Keech, we provide appraisal review services that are independent, efficient, professional and in line with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to determine: whether the original appraisal or evaluation is applicable for the transaction, the risk inherit in the transaction, and whether the process by which the collateral valuation is obtained ensures independence and quality. They must also denote whether the appraisal or evaluation report is true to the letter of engagement, which sets forth the depth of the appraisal assignment. Lastly, 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 procedures and guidelines of our review customers, 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 Elizabeth A. Keech, we're skilled in all forms of appraisal reviews, review processes and the responsibilities of review appraisers.
Elizabeth A. Keech understands what amounts to a quality appraisal and what the biggest errors are, especially for reports in our local housing market. At the same time, we're amply experienced to recognize that the competitors in our market are capable of a good job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to ethically valuate appraisal reports performed by others. And those others might be studying our work, too!
At Elizabeth A. Keech, you can be sure of our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information regarding our qualifications, expertise and service offerings.