Appraisal ReviewsAccording to 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 call of appraisers undertaking reviews to "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Curiel Appraisal Service provides appraisal review services that are impartial, expert, professional and square 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 procedure by which the property valuation is attained ensures independence and quality. Moreover, they should show whether the appraisal or evaluation report matches the engagement letter, which describes the capacity 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 adjusting our work to the forms and guidelines of our review customers, there are four Fannie Mae forms that are largely used for review services, and we will formulate an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. At Curiel Appraisal Service, we're experienced in every form of appraisal review, review procedure and the obligations of review appraisers.
We realize what the biggest reporting inadequacies are, especially in our real estate market. We also understand what constitutes a quality appraisal. In the same regard, we're professional enough to know that our competitors in our market are able to do good work. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can rely on us to lawfully look over appraisal reports carried out by others. And those others could be reviewing our work, too!
When you choose Curiel Appraisal Service, you can rely on our honest judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us regarding our qualifications, expertise and service offerings.