Competent Appraisal Reviews with Rivers Edge Appraisals & Consulting, Inc.According to 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 producing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Rivers Edge Appraisals & Consulting, Inc. provides appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's regulations.
A review appraisal should reveal: whether the original appraisal or evaluation is suitable for the transaction, the risk inherit in the transaction, and whether the manners by which the real estate valuation is rendered ensures independence and quality. The review should also signify whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the reach of the appraisal assignment. The Federal Reserve 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 adjusting our work to the practices and guidelines of our review clients, there are four Fannie Mae forms that are normally used for review services, and we can develop 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 Rivers Edge Appraisals & Consulting, Inc., we are skilled in every form of appraisal review, review practice and the responsibilities of review appraisers.
We are aware of what constitutes a quality appraisal and what the most common inadequacies are, especially for reports in our local housing market. We're also adequately trained to realize that our competition in our market are skillful in doing a fine job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can trust us to fairly evaluate appraisal reports executed by others. And those others could be reviewing our work, too!
Here at Rivers Edge Appraisals & Consulting, Inc., you can rely on our truthful judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact Rivers Edge Appraisals & Consulting, Inc. to learn more about our qualifications, expertise and services offered.