Savvy Appraisal Reviews by Loveland Properties and AppraisalAs stated 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 responsibility of appraisers engaged in reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Loveland Properties and Appraisal provides appraisal review services that are independent, qualified, professional and compliant with the Federal Reserve's guidelines.
A review appraisal has to ascertain: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the practices by which the collateral valuation is acquired guarantees independence and quality. Moreover, they must denote whether the appraisal or evaluation report matches the letter of engagement, which gives an account of the scope 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 conforming our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we'll produce 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 Loveland Properties and Appraisal, we are experienced in every form of appraisal review, review practice and the obligations of review appraisers.
We are familiar with what the most common reporting inadequacies are, specifically in our home market. We also understand what represents a quality appraisal. Concurrently, we are sufficiently skilled to admit that our competition in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to objectively review appraisal reports done by others. And those others might be examining our work, too!
You can trust Loveland Properties and Appraisal for our honest judgment, because we offer professional, objective, ethical appraisal review services for our clients. Contact us for more information regarding our qualifications, expertise and services offered.