Indiana Appraisal Services Appraisal ReviewsAs 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 appraisers performing reviews have to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Indiana Appraisal Services provides appraisal review services that are objective, efficient, professional and in accordance with the Federal Reserve's regulations.
The purpose of appraisal reviews are to verify: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherit in the transaction, and whether the method by which the collateral valuation is rendered guarantees independence and quality. Moreover, they should announce whether the appraisal or evaluation report matches the engagement letter, which sets forth the outlook of the appraisal assignment. The Fed also 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 adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we'll 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. Here at Indiana Appraisal Services, we are qualified in every type of appraisal review, review procedure and the responsibilities of review appraisers.
We are familiar with what amounts to a quality appraisal and what the most common inadequacies are, particularly for reports in our local real estate market. In this regard, the professionals at Indiana Appraisal Services are amply trained to identify that our competitors in our market are able to do a fine job. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on Indiana Appraisal Services to fairly review appraisal reports done by others. And those others may be reviewing our work, too!
Here at Indiana Appraisal Services, you can rely on our truthful judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and service offerings.