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 fulfilling reviews are compelled to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Shepard Appraisal Group, LLC provides appraisal review services that are impartial, qualified, professional and square with the Federal Reserve's regulations.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is fitting for the transaction, the risk inherit in the transaction, and whether the manners by which the real estate valuation is attained ensures independence and quality. In addition, they must signify whether the appraisal or evaluation report is true to the engagement letter, which sets forth the outlook of the appraisal assignment. The Fed 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 tailoring our work to the processes and guidelines of our review clients, there are four Fannie Mae forms that are usually used for review services, and we can 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 Shepard Appraisal Group, LLC, we're qualified in all kinds of appraisal reviews, review practices and the responsibilities of review appraisers.
Shepard Appraisal Group, LLC is aware of what the most prevalent report defects are, particularly in our home market, as well as what makes a quality appraisal. Concurrently, we are amply experienced to acknowledge that our competitors in our market are skillful in doing a good job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on Shepard Appraisal Group, LLC to fairly look over appraisal reports completed by others. And those others may be reviewing our work, too!
For professional, fair, ethical appraisal review services and independent judgments, you can depend on Shepard Appraisal Group, LLC. Contact Shepard Appraisal Group, LLC for more information about our qualifications, expertise and service offerings.