Appraisal ReviewsAccording 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 doing reviews are obligated to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Quinn Debruin, we provide appraisal review services that are independent, expert, professional and in line with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to find out: whether the original appraisal or evaluation is appropriate for the transaction, the risk inherit in the transaction, and whether the procedures by which the property valuation is attained guarantees independence and quality. In addition, they must indicate whether the appraisal or evaluation report is in line with the engagement letter, which gives an account of the capacity 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".
In addition to tailoring our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we'll formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Quinn Debruin, we're qualified in all kinds of appraisal reviews, review procedures and the obligations of review appraisers.
We are aware of what makes a quality appraisal and what the biggest defects are, especially in our local housing market. The professionals at Quinn Debruin are also skilled enough to know that our competition in our market are qualified to do quality work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can trust us to fairly review appraisal reports performed by others. And those others might be evaluating our work, too!
For professional, fair, ethical appraisal review services and neutral judgments, you can count on Quinn Debruin. Contact us to learn more about our qualifications, expertise and services offered.