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Appraisal Reviews with Don C. Box and AssociatesAs said in a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers preparing reviews ought to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at Don C. Box and Associates, we provide appraisal review services that are objective, qualified, professional and in line with the Federal Reserve's regulations.The purpose of appraisal reviews are to pursue: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the actions by which the collateral valuation is acquired guarantees independence and quality. They must also demonstrate whether the appraisal or evaluation report is in line with the letter of engagement, which describes the depth 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 adjusting our work to the practices and guidelines of our review customers, there are four Fannie Mae forms that are usually used for review services, and we'll 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 Don C. Box and Associates, we're trained in every type of appraisal review, review procedure and the requirements of review appraisers.
When you choose Don C. Box and Associates, you can trust our honest judgment, because we offer professional, unbiased, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and services offered. |
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We're aware of what constitutes a quality appraisal and what the most prevalent defects are, specifically when it comes to our local real estate market.
In the same regard, we are adequately trained to identify that our competition in our market are skillful in doing a fine job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can count on us to fairly valuate appraisal reports carried out by others. And those others could be evaluating our work, too!