As 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 preparing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Sentry Appraisal Service provides appraisal review services that are unbiased, expert, professional and square with the Federal Reserve's regulations.
A review appraisal has to pursue: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the procedure by which the collateral valuation is accomplished ensures independence and quality. The review should also signify whether the appraisal or evaluation report is consistent with the letter of engagement, which gives an account of the extent 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 coordinating our work to the regulations and guidelines of our review customers, there are four Fannie Mae forms that are normally used for review services, and we'll prepare 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 Sentry Appraisal Service, we're experienced in all types of appraisal reviews, review procedures and the responsibilities of review appraisers.
We are aware of what amounts to a quality appraisal and what the most frequent imperfections are, specifically when it comes to our home market. In the same sense, we're proficient enough to distinguish that our competition in our market are skillful in doing quality work. The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews as well as appraisal reports, and you can rely on us to justly evaluate appraisal reports carried out by others. And those others could be examining our work, too!
You can count on Sentry Appraisal Service for our honest judgment, because we offer professional, fair, ethical appraisal review services for our clients. Contact us to learn more about our qualifications, expertise and service offerings.
If you're in the need of a real estate appraisal review or have questions in reference to an appraisal, contact us today.
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