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Appraisal Reviews by Souris Valley Appraisal, LLCAs 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 duty of appraisers doing reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Souris Valley Appraisal, LLC provides appraisal review services that are unbiased, expert, professional and in accordance with the Federal Reserve's regulations.The purpose of appraisal reviews are to detect: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the means by which the collateral valuation is acquired ensures independence and quality. In addition, they should signify whether the appraisal or evaluation report is in line with the engagement letter, which describes the capacity of the appraisal assignment. Lastly, the Federal Reserve goes on to say 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 procedures and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we will 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. Here at Souris Valley Appraisal, LLC, we're experienced in every type of appraisal review, review procedure and the obligations of review appraisers.
For professional, fair, ethical appraisal review services and truthful judgments, you can depend on Souris Valley Appraisal, LLC. Contact us for more information regarding our qualifications, expertise and service offerings. |
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Souris Valley Appraisal, LLC realizes what the most likely report imperfections are, specifically in our real estate market, as well as what constitutes a quality appraisal.
At the same time, we are experienced enough to distinguish that our competition in our market are skillful in doing a great job.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to objectively look over appraisal reports done by others. And those others may be examining our work, too!