Appraisal ReviewsAccording 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 undertaking reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Stanley Jay Appraisal Associates, we provide appraisal review services that are independent, efficient, professional and square with the Federal Reserve's rules.
A review appraisal should find out: whether the original appraisal or evaluation is appropriate for the transaction, the liability inherit in the transaction, and whether the procedure by which the collateral valuation is accomplished ensures independence and quality. Moreover, they must show whether the appraisal or evaluation report is true to the letter of engagement, which describes the extent of the appraisal assignment. Lastly, 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".
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'll 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 Stanley Jay Appraisal Associates, we are qualified in all kinds of appraisal reviews, review practices and the obligations of review appraisers.
We're aware of what the most prevalent reporting defects are, especially in our real estate market. We also understand what makes a quality appraisal. We're also adequately skilled to acknowledge that our competition in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on Stanley Jay Appraisal Associates to objectively study appraisal reports done by others. And those others might be studying our work, too!
You can trust Stanley Jay Appraisal Associates for our independent judgment, because we offer professional, objective, ethical appraisal review services for our customers. Contact Stanley Jay Appraisal Associates for more information regarding our qualifications, expertise and service offerings.