As stated 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 completing reviews to “have the knowledge and expertise to assess compliance with the Federal Reserve’s appraisal regulations and guidelines.” Here at ROI Homes Services LLC, we provide appraisal review services that are impartial, efficient, professional and in line with the Federal Reserve’s guidelines. The purpose of appraisal reviews is to find out: whether the original appraisal or evaluation is appropriate for the transaction, the exposure inherits in the transaction, and whether the practices by which the real estate valuation is rendered guarantees independence and quality. Moreover, they must announce whether the appraisal or evaluation report matches the letter of engagement, which sets forth the extent of the appraisal assignment. Lastly, the Federal Reserve also 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”.
If you have questions in reference to an appraisal, or if you need a real estate appraisal review, contact us today.
In addition to confirming our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are mostly 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. At ROI Homes Services LLC, we are skilled in all types of appraisal reviews, review practices and the obligations of review appraisers. We are familiar with what the most common report deficiencies are, particularly in our home market, as well as what amounts to a qualified appraisal. The professionals at ROI Homes Valuation Services are also trained enough to distinguish that the competitors in our market are capable of good work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on ROI Homes Services LLC to objectively assess appraisal reports done by others. And those others may be examining our work, too! You can rely on ROI Homes Services LLC for our honest judgment because we offer professional, objective, ethical appraisal review services for our clients. Contact ROI Homes Services LLC regarding our qualifications, expertise and service offerings.