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Appraisal Reviews with Faulkner Appraisal Services, Inc.As 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 fulfilling reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Faulkner Appraisal Services, Inc., we provide appraisal review services that are unbiased, expert, professional and compliant with the Federal Reserve's regulations.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is fitting for the transaction, the liability inherit in the transaction, and whether the actions by which the property valuation is rendered guarantees independence and quality. They must also denote whether the appraisal or evaluation report matches the engagement letter, which sets forth the range of the appraisal assignment. The Fed 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 clients, there are four Fannie Mae forms that are typically used for review services, and we'll 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 Faulkner Appraisal Services, Inc., we are trained in every form of appraisal review, review procedure and the responsibilities of review appraisers.
Here at Faulkner Appraisal Services, Inc., you can trust our honest judgment, because we offer professional, impartial, ethical appraisal review services for our clients. Contact us for more information about our qualifications, expertise and service offerings. |
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We realize what makes a quality appraisal and what the most common errors are, especially when it comes to our local housing market.
We're also experienced enough to identify that the competitors in our market are able to do quality work.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to ethically look over appraisal reports done by others. And those others might be evaluating our work, too!