Appraisal Reviews by Country ManorAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that it's the call of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." At Country Manor, we provide appraisal review services that are unbiased, qualified, professional and in line with the Federal Reserve's guidelines.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is well-suited for the transaction, the exposure inherit in the transaction, and whether the manners by which the property valuation is rendered guarantees independence and quality. Moreover, they should announce whether the appraisal or evaluation report is compatible with the engagement letter, which gives an account of the range of the appraisal assignment. Lastly, the Fed 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 adapting our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are typically used for review services, and we can produce 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 Country Manor, we are skilled in every kind of appraisal review, review process and the requirements of review appraisers.
We are familiar with what the greatest reporting imperfections are, particularly in our home market. We also understand what constitutes a quality appraisal. In the same regard, we are amply experienced to distinguish that our competitors in our market are qualified to do a great job. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can trust Country Manor to lawfully study appraisal reports done by others. And those others might be evaluating our work, too!
For professional, unbiased, ethical appraisal review services and truthful judgments, you can count on Country Manor. Contact Country Manor to learn more about our qualifications, expertise and services offered.